Global Gold Demand Hits High

August 19, 1999

Global Gold Demand Hits High

Worldwide gold demand grew 16% during the second quarter of 1999 compared to the same period last year, according to the World Gold Council.

A 32% increase in gold investment and a 13% gain in worldwide jewelry demand led the growth. Gold demand set new second quarter records in the U.S., India, the Arabian Gulf States and Mexico. Demand in the countries monitored by the World Gold Council was 810 tons, a record for the second quarter and a new all-time high for a three-month period, slightly higher than the previous peak set in the fourth quarter of 1998.

"These figures are very encouraging, not least because they suggest firm indications of the economic recovery now taking place in Asia, where the resurgence in gold demand indicates a continuing faith in gold as a store of value," says Haruko Fukuda, CEO of the WGC. The 27 countries monitored by the WGC account for approximately 80% of global gold demand. For details, see the WGC's website www.gold.org.

- by Michael Thompson