Consumers of goldhave also seen a drop in price in their currency because of the revaluation of the US dollar... Keep that in mind when reading this.... only startes the US price... but in Rupees, Yaun, Euros , Cnd dollars etc the drop in gold price has been substantual... look at currency charts on Kitco 5 year charts show this dramaticlly.
Bottom of the page click on any currency , then 5 year...
https://www.kitco.com/
Also Turkey bought another 45 tones a couple days ago.
https://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=165434&version=1&template_id=48&parent_id=28
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2007-08-09 16:16:09
India, China boost global jewellery demand
Commodity Online
MUMBAI: Global jewellery demand has grown by a whopping 17% year-on-year in first quater of 2007 thanks to rising income levels from countries like India, China and the Middle East, says a new report from the World Gold Council (WGC).
It said the second quarter of 2007 saw the average gold price rise for the twentieth time in the past twenty five quarters by 3% to $666.86 an ounce over previous quarter.
One of the main reasons for this growth is the rising income levels in some of the main jewellery-buying areas like India, China and the Middle East thanks to solid GDP growth, the report said.
It said consumer demand was especially vibrant in India and mainland China, where it rose by 50% yoy and 31% yoy respectively.
Physical investment in form of bar, coins and medallions rose by a healthy 28% year-on-year in first quater of 2007 to 110.7 tonne, with increases in all three categories, driven by especially strong demand from India (+55% yoy), Greater China (+86% yoy) and Vietnam (+220% yoy).
On supply side, mine production has remained more or less flat, rising by just 1% yoy in first quater to 580 tonne
Gold price reached a high for the quarter of $691.40 an ounce on 20 April, mainly because of a weaker dollar, but the rally above $690 proved short lived and the price fell to $688.70 the next day.
The WGC report said although the gold price was largely on a downward trend from May onwards, it still finished the quarter 6.0% higher than year ago levels, at $650.50 on the London PM fix.
Globally, jewellery sector accounts for the lion’s share of gold demand, usually around 70% of the total in any one year.