2024-08-04 13:15:43
He sector of the jeweler’sthe heart of global gold demand, hit hard by record prices of the precious metal in the second trimester, recorded a sharp drop in sales, to levels not seen since the COVID-19 pandemic. Covid-19.
“High gold prices have had an impact on demand” for jewelry, which is strongly correlated, he said.oh Krishan Gopaul, analyst of the World Gold Council (CMO).
In the second quarter, purchases of jewelry, the largest segment of global gold demand, fell 19% interanual a 390.6 tons, according to the organization’s quarterly report, published Tuesday.
The drop in jewelry purchases weighed on global demand for the precious metal from April to June, which lost 6% interanual a 929 tons.
This is the second weakest quarter for jewelry demand since 2020, when it was hit hard by the coronavirus pandemic. covid-19, with numerous ceremonies cancelled or postponed.
In China and India, the two main markets for gold jewellery, weddings are an occasion for families to save some of their savings by exchanging them for gold bars, necklaces, rings, bracelets and other objects.
The demand for jewelry It also fell in terms of its dollar value, because the rise in the price of gold did not quite offset the fall in the volumes.
In mid-May, the yellow metal reached an all-time high of more than $2,450 an ounce, a peak that was surpassed shortly after.
In China, jewelry purchases plummeted 35% year-on-year in the second half of the year, affected by rising prices and the economic slowdown.
The country’s “difficult housing market” and “uncertain economic prospects contributed to consumer caution and a strong desire to save,” the organization said in the report. In this context, Chinese buyers prefer smaller, lower-cost parts.
Record gold prices also weighed heavily on jewellery demand in India, which plunged 17% year-on-year.
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2024-08-04 13:15:43