The World Gold Council reports gold demand in the world's leading gold-consuming countries increased 11% to 894 metric tons in the fourth quarter of 2000, compared to the same quarter in 1999. The increase set a new quarterly record, topping the previous record of a 2% increase set in the third quarter of 1999. Strong demand in the fourth quarter offset weaker demand in the first three quarters, making total demand for 2000 essentially unchanged from 1999.
Gold jewelry consumption for the fourth quarter increased to 793 metric tons, 12% higher than the same period in 1999. Total gold jewelry consumption for 2000 increased 4% over 1999's record year. "I am encouraged by the all-time record achieved in the fourth quarter," says World Gold Council CEO Haruko Fukuda. "Despite the effect of Y2K fallout on investment demand, which depressed the figures for 2000 as a whole, the trend in consumption has been strongly upwards in the last few months. We are determined to build on this, and I look forward to seeing good progress in 2001."
Gold demand increased in several countries, setting new records in many. Demand increased slightly in India, the world's largest gold market, and demand rose 49% in Turkey. Records were also set in the Gulf States, Mexico and Vietnam.
Gold Demand Trends No. 34 is available at the World Gold Council's Web site, www.gold.org, or by calling (212) 317-3800.
- by Julia M. Duncan