In line with our expectations,1 Q2 gold demand of 963.8 tonnes (t) was considerably weaker year-on-year – 16% below Q2 2013’s 1,148.3t. Sharp declines in the consumer segments of gold demand came as no surprise, given the stark contrast in conditions in the global gold market between the two time periods. Jewellery demand was almost a third lower, while bar and coin investment was less than half Q2 2013 levels. Gold ETFs saw modest outflows of 39.9t, which were far smaller than the 402.2t of outflows seen during the year-earlier period. The net impact on overall investment was a modest 4% year-on-year increase.
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