World Gold Council: High gold prices curb gold jewelry consumption, leading to a decline in gold demand in the second quarter

Jinshi data, July 30, the World Gold Council (WGC) said on Tuesday that the global gold demand for the second quarter, excluding OTC Trading, fell by 6% year-on-year to 929 tons, due to the soaring gold price leading to a sharp 19% drop in gold jewelry consumption. WGC said that in the second quarter, due to the sensitivity of prices, the demand for gold jewelry was affected, and consumers may need some time to fully adapt to the pump of prices. The organization said that the gold consumption in the gold jewelry industry from April to June this year was the weakest since 2020, when the demand was severely affected by the new crown epidemic. However, the total gold demand including OTC Trading still achieved a rise of 4%, reaching 1258 tons, the strongest in the same period since WGC's data series since 2000.