Global demand for gold drops in H1

Customers crowd around a jewellery showroom during Akshaya Tritiya, a major gold-buying festival in Kochi, India on April 28, 2017. India's demand for gold in the first half rose 30% from a year ago to 298.4 tonnes. (REUTERS photo)

LONDON: Global demand for gold fell 14% in the first half of this year due mainly to a sharp decline in purchases by exchange traded funds, the World Gold Council said in a report yesterday.

Central bank buying also fell slightly in the first half but purchases of bars, coins and jewellery grew thanks to strong demand in India and Turkey, the industry-funded WGC said in its latest Gold Demand Trends report.

Gold-backed ETFs saw record inflows last year to match a 30% rise in gold prices between January and June.

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