Consumption of gold jewelry dips by 0.8% in the third quarter of 2015
Universal consumption of gold has gone down by1% in the 3rd quarter of 2015 as declared by the GFMS gold survey outlook of 2015 as published by the Reuters. China has experienced a very slow 2nd Q demand in 2015 which was the lowest 2nd Q since the year 2011 but demand for gold bounced back in the 3rd Q of the same year.
The consumption of gold jewelry has experienced a dip of 1% in the third Q of 2015. Jewelry fabrication recorded a 1% dip to approximately 550 tons, which is a 28% decrease from the 3rd Q 2013 more by 609 tons.
Gold jewels fabrication recorded a decline of 1% to 550 tons which is 28% less from the 3rd Q of 2013 more than 609 tons. Concern was raised regarding the poor demand globally in the 1st half of 2015, but the consumption of jewels started shooting up after the Gold price dipped through $1,100/oz mark in the middle of July. The demand for gold rose globally by 7% in the 3rd Q of 2015.However, the consumption of jewelry in Europe plunged by 23% due to the low demand by Turkey and Russia.
China experienced a very slow 2nd Q this year which has been the slowest 2nd Q since 2011 but the demand for gold bounced in the 3rd Q of the year The demand for jewelry in China has bordered up ½% year by year.
Meanwhile the demand for jewelry in India was seen rising by 5% due to the local price of gold dipping in July to the lowest since Aug 2011 o 193 tons in the 3rd Q of 2015,which is the highest demand recorded since the year 2008.
The power of the USD significantly against a group of few other currencies like the Indian Rupee and the Chinese Yuan pushed the imports of Gold jewelry from these 2 countries up by 11% and 10% respectively.