Gold demand slumped 14 percent in the firsthalf of 2017 to hit the lowest level in eight years as US traders exited the haven investment, the World Gold Council (WGS) said. Global demand dropped to 2,004 tonnes in the first six months of the year compared with the first half of 2016, the WGC said in its latest quarterly report.
“The last time H1 demand was lower. Was in 2009” when it totalled 1,853 tonnes, a spokeswoman confirmed to AFP. Most of the drop in demand came in the second quarter, with it sliding 10 percent to 953.4 tonnes compared with the April-June period in 2016, the WGC added. John Mulligan, a Council director, noted US investors had exited exchange-traded funds for gold at a greater extent than their European peers, as the Federal Reserve embarks on a course of raising interest rates.
