Investment demand for gold was very high in the second quarter of 2009, rising by 46 per cent on year earlier levels. Overall demand for gold fell back from recent high levels as weak economic conditions and high gold prices combined to impact demand, accordin to the Global gold Report. Although gold demand remains very high on a historical basis, total demand in second quarter of 2009 was down by nine per cent on the levels of a year earlier, a six per cent decline in US dollar value terms. Central banks will continue to hold gold as a Reserve Asset and important part of their reserves to provide protection, should the monetary system suffer extremely damaging fractures, read the report.
Source: THT
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Monday, August 24, 2009
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