World Gold Council says gold jewelery demand up, total gold demand down in Q1

The latest World Gold Council Gold Demand Trends report, which reports on the period January-March, said total jewelry demand was up 12% year-on-year in Q1, driven in the main by Asian markets. Jewelry demand in China was up 19% on the same period last year and stood at a record 185t, while demand in both India and the Middle East was up 15% respectively and in the US, demand showed a significant increase, 6%, for the first time since 2005. Overall total global demand for gold in Q1 was 963t, down 19% from the prior quarter, the organization said. In value terms, gold demand in Q1 was $51B, down 23% compared to 4Q12. The average gold price of $1,632/oz was down 5% on the average 4Q12 price, and down 3% on the same period the previous year.