Women's demand for buying gold 'has not been dampened'

A new survey has revealed that gold jewellery continues to retain its appeal as an investment among women in the current financial crisis, Mineweb reports today (December 15th).

The World Gold Council (WGC) surveyed 7,500 women aged between 15 and 65 in the key markets of India, China, Saudi Arabia, Italy, Turkey and the US in order to explore their attitudes to luxury and consumable gold items.

The findings of the study, entitled 'What Women Want: Discretionary Spending Report', revealed that women are still attracted to buying gold despite the restrictions on their spending power at present.

Philip Olden, managing director of the WGC, told the news provider: "With jewellery representing approximately 70 per cent of global gold demand, 73 per cent of which comes from the surveyed countries, understanding this $100 billion industry at retail value is a crucial part of supporting the overall gold market.

"Despite a volatile and rising gold price, gold jewellery has maintained its global position as the most popular item chosen by a woman spending her discretionary income on herself."

The enduring appeal of gold appears to be underlined by the fact that the number of women who said they would spend $1,000 on gold at the 2008 average of $897 per oz was 48 per cent.

This compares to a figure of 44 per cent from the previous survey, which was conducted in 2005 - when the gold price was at an average of $444 per oz.

The WGC was formed in 1987 and is an industry association of the world's top gold mining companies.

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