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Record dollar demand for gold in 2006

February 15, 2007

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New York—Worldwide demand for gold in 2006 hit a record $65 billion, despite a 13 percent supply decrease in tonnes, according to the World Gold Council (WGC).

Gold-jewelry sales increased 14 percent to a record $44 billion, although it dropped 16 percent by volume to 2,267 tonnes. The WGC attributed the drop in volume to the volatile gold price in the first half of 2006.

Industrial demand for gold increased 45 percent to $8.9 billion and 7 percent by volume to 458 tonnes.

Investment demand increased 45 percent to $12.3 billion and 7 percent by volume to 636.7 tonnes. A 27 percent year-on-year boost in tonnage holdings of gold Exchange Traded Funds and similar products helped fuel the growth in investment.

The WGC said that so far in 2007 there has been a brisk demand for gold in most jewelry markets and continued positive interest from investors.
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