The World Gold Council released its latest quarterly Gold Demand Trends report today.
The report reveals the key drivers of gold demand in the second quarter. Official sector purchases (central banks) jumped 138 percent from the second quarter of last year, while total investment demand plunged 23 percent over the same time period.
Here are a few quick highlights from demand trends in the second quarter from the WGC report:
- Jewelry demand dropped 15 percent to 418.3 tons from 490.6 tons last year
- Technology demand slid 5 percent to 112.2 tons from 118.6 tons last year
- Investment demand plunged 23 percent to 302.0 tons from 390.3 tons last year
- Central bank purchases soared 138 percent to 157.5 tons from 66.2 tons last year
Total gold demand, accounting for the above components, was down 7 percent to 990.0 tons from 1065.8 tons last year.
Here's a table breaking out the subcomponents of the demand drivers mentioned above:
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