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Premier-eFinance: World Gold Council expects China and India gold demand to remain strong in H2.
Despite higher prices the WGC sees gold demand remaining strong in the second half of 2011 on the back of strong demand from China and India.
Gold’s strong start to the year was backed up during the second quarter of 2011 where total global gold demand came in at 919.8 tonnes, worth a near-record $44.5 billion, with broad-based support across all sectors and geographies, according to WGC’s Gold Trends Report for Q2, 2011.
The two main markets for this period were India and China, together accounting for 52% of total bar and coin investment and 55% of global jewelry demand. Among the factors likely to push gold demand higher are the impact of the European sovereign debt crisis, the downgrading of US debt, inflationary pressures and concern over the outlook for economic growth in the West.
Central banks are expected to remain net purchasers of gold. Purchases of 69.4 tonnes in the second quarter of the year demonstrated that central banks are continuing to turn to gold to diversify their reserves.
Marcus Grubb, Managing Director, Investment at the World Gold Council told PremiereFinance:
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