Global gold demand fell 25 percent in the first quarter of 2010, but is expected to rebound later this year.
According to Marcus Grubb, a senior World Gold Council official, robust investment in the West and strong jewellery sales in Asia will lead to higher demand than a year ago.
The Greek debt crisis has spurred Western investment demand in gold in the second quarter above the levels seen a year ago, Grubb said.
Jewellery demand in China is also set to rise in the second quarter, he added. However, the picture in India is mixed with the Akshaya Tritiya festival expected to boost jewellery sales but a weakened rupee making gold more expensive for locals. Nevertheless, full-year gold demand in India is expected to be stronger than in 2009.
Grubb declined to make gold price forecasts but said he agreed with the market view that gold would have strong support at $1,050-1,045 per ounce.
Lean January Could be Golden in 2021
Christmas 2020 Operating Hours
The Opportunity for a pre-Christmas 2020 Cash Boost
Lockdown 2.0 is the Perfect Time for a Scrap Gold Clear-out
Clear-Cut Prices for Scrap Gold and Silver in 2020
The Great Gold Rush of 2020 in Full Swing
Gold Prices Climb While the Economy Freefalls
Time To Re Group
It’s Time to start thinking about Silver