US gold demand grows for fifth straight quarter
August 14, 2014
London--U.S. demand for gold jewelry rose 15 percent year-over-year in the second quarter, topping growth in Eastern markets that typically are more robust.
Consumer demand for gold in the United States totaled 26.1 tonnes (also known as a metric ton, which is 2,204.6 pounds) in the second quarter up from 22.7 tonnes in the second quarter 2013, the World Gold Council’s Gold Demand Trends report shows.
In value terms, demand rose 5 percent, with the price of gold down 9 percent year-over-year.
The average price of gold was $1,414.80 in the second quarter 2013 but dropped to $1,288.40 over the course of a year. As of Thursday afternoon, gold was at $1,314 an ounce, according to Kitco.com, only 2 percent higher than the second quarter average.
Analysts have said they don’t expect much fluctuation in the metal’s price for the rest of 2014.