Professional Jeweler Archive: Demand for Gold Hits Record in '99

July 2000

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. That’s 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 world’s 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.

Copyright © 2001 by Bond Communications