UNITED KINGDOM July 28 2017 4:29 PM
LONDON (Scrap Register): The Physical Gold demand in the initial half of 2017 was seen to increase by about 17 percent globally to 1895 tons when compared to the corresponding period last year, according to the GFMS.
During the initial six months, the market saw an excess of 138 tons compared with a balanced market in the same period last year despite supplies decreasing more than five per cent to 2160 tons. This is believed to be mainly due to the physically backed exchange traded funds, where demand fell from 569 tons to 145 tons.
“After the rollercoaster ride of events for the gold market in 2016, from a jewellers' strike to Brexit to Trump to demonetisation, 2017 has avoided similar market moving events in the first half,” as per the GFMS report.
The demand in the top consumer, China is seen to decline by about 7 percent to 292.7 tons. While in India ahead the implementation of Goods and Service Tax (GST) of 3 percent from July 1, the demand almost doubled to 307.6 tons.
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