Gold News

WGC figures show gold demand increase

The World Gold Council (WGC) has released new figures to show the global demand for gold during the first quarter of 2008.

According to the organization, the results are positive, with demand particularly strong in the developing world.

In addition, gold buying has increased in the US, despite the continuing credit crunch negatively affecting many sectors.

Demand for gold in China and Russia was found to have risen by 15 per cent and 19 per cent respectively compared to the first quarter of 2007, thanks to the countries' people becoming more wealthy and more inclined to buy gold jewelry as well as invest in the metal.

Meanwhile, demand from the US in value terms rose by 35 per cent.

"I am pleased to see how well gold has fought for - and won - share of consumers' discretionary spending. I am confident that the general investment environment remains
positive," said James Burton, chief executive of the WGC.

The news could contribute to a rise in prices, as it has also been reported this week that gold output from mining is facing difficulties in keeping up with demand.

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