Precious Metals & Bench/Data & Statistics
Demand for Gold Hits Record in '99
Confidence in the metal overcomes concerns about availability
Gold demand reached a record 3,278.4 tons in 1999, says a new report by The Gold Institute, Washington, DC. Thats 566.2 tons or 21% above the 1998 level.
Demand for gold for use in jewelry rose 23% to 2,799.2 tons. Demand for investment gold rose 8% to 479.2 tons.
The overall increase in demand occurred despite a sharp decrease in the fourth quarter following the Washington Agreement on Gold, which calls for the central banks of some of the worlds largest gold-holding countries to restrict sales for the next five years. Happily, gold demand recovered as the quarter progressed, says Haruko Fukuda, chief executive officer of the World Gold Council.