Gold demand in 1Q2013 was 963 tonnes or $51 billion. Strong demand for gold jewellery, gold bars and coins was offset by significant net outflows in the major gold exchange traded funds (ETF's) as investors sold some of their bullion on the recent price decline. Even the most resilient of gold bulls are struggling to hang on during this difficult market correction.
The key highlights from the 1Q2013 World Gold Council report were:
- Central bank demand exceeded 100T in 1Q2013 for the 7th quarter in a row;
- Jewellery demand was strong in India (+27%), China (+20%) and the US (+22%), strong demand in these regions was offset by a decline in demand across Europe (-26%);
- ETF investors sold 177T of gold during 1Q2013, a 7% decline year-over-year.