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Global gold-jewelry demand breaks records in 2Q

August 16, 2007

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London—Dollar demand for gold in the jewelry, retail investment and industrial sectors reached new financial heights in the second quarter of 2007, according to research by precious-metals consultancy firm GFMS Ltd. for the World Gold Council (WGC).

Reaching a record $14.5 billion, global gold-jewelry demand for the period was 37 percent higher compared with the second quarter of 2006, according to GFMS.

World Gold Council Chief Executive Officer James Burton said the WGC is pleased with the surge.

"A reduction in price volatility in 2007 has resulted in increased consumer confidence and, coupled with greater industry marketing activity, led to record levels of gold-jewelry purchases globally in dollar terms," Burton said in a statement.

India remains at the top of the global pack as the world's largest gold market and broke both jewelry and retail investment records. Burton said he is happy with India's results.

"The figures from India this quarter are particularly pleasing, and we will continue to encourage India's ongoing love affair with gold."

In total, India's demand for gold in the second quarter equaled half the global mine output for the period, GFMS finds. Other important areas with strong gold markets include Greater China, the Middle East and Turkey.
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