Thursday, November 15th 03:04 PM IST

Average Gold price was only $1652 during Q3-2012 :WGC

# WGC  # India gold  # China gold  # jewellery demand  

Demand in the jewellery sector was down 2.0% to 448.8t compared to 458.0t in the same quarter in 2011.

LONDON(BullionStreet): World Gold Council (WGC) said average gold price during third quarter this year was $1652 an ounce as gold demand dropped to 1,084.6 tons, down 11.0% in comparison to Q3 2011.

In it's Q3 2012 Gold Demand Trends report, WGC said the average gold price of $1,652/oz was down 3% on the record average Q3 2011 price.

Value measure of gold demand was 14.0% lower year on year at $57.6bn while investment demand (the sum of ETFs and total bar and coin demand) was 429.9t, down 16% compared to the same quarter last year, but was 23% above the five year average.

Demand for ETFs and similar products in Q3 was up by 56.0% on the previous year to 136.0t. Demand in the jewellery sector was down 2.0% to 448.8t compared to 458.0t in the same quarter in 2011.

The ongoing slowdown in China continued to dampen demand in the second largest regional jewellery market Third quarter demand for gold in the technology sector was down on Q3 2011 by 6.0% at 108.0t though remains stable.

Use of gold in electronics has shown a steady level of incremental growth since Q4 2011, driven by demand for tablet devices and mobile phones among others.

Both the supply of gold and recycling were down 2% in the third quarter compared to year earlier levels, with mine production down 1% for Q3 2012.

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