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Thursday, May 19, 2011

Global demand yellow metal rose 11% first quarter 2011

Global demand yellow metal rose 11% first quarter 2011 : The World Gold Council Thursday said that global demand for the yellow metal rose 11% from a year earlier in the first quarter of 2011, increasing to 981.3 metric tons from 881.0 tons. While the increase was helped by improving jewelry demand in a number of key markets, such as India and China, it was largely attributable to a widespread rise in bar and coin purchases.

India remained a key pillar of the market, although physical investment demand from China more than doubled to 90.9 tons and Chinese jewelry demand was 21% higher at 142.9 tons.

"Western gold demand is growing as the economies remain weak, but Asian demand is surging as GDP grows," said BullionVault's head of research Adrian Ash. "Together, this keeps creating the perfect storm for short-term pricing."

Gold is often viewed as an alternative store of value during times of economic turmoil, as well as a hedge against inflationary pressures.

Mr. Ash also said that also "longer-term, U.S. and European investors looking to defend their purchasing power can't ignore the asset which emerging Asia is using to store an ever bigger chunk of its fast-growing savings."

According to figures released late Wednesday by the London Bullion Market Association, the number of gold ounces transferred in April rose 18.2% from March to an average of 22.5 million a day. Year on year, the figure was up by 41%, from 16 million ounces a day. The number of silver ounces transferred rose 23% to a daily average of 179.2 million. The number was up 93%, from 92.7 million ounces a day in April 2010. For the latest updates PRESS CTR + D or visit Stock Market news Today

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