Gold Demand at 7-Year Low in 2016
After three years of losses, gold prices rebounded in 2016 and as a result physical gold demand dropped 20%, its lowest since 2009, according to GFMS analysts at Thomson Reuters.
What’s more, the gold market reached the biggest physical surplus of the century, at 1,176 tons, up from just 220 tons in 2015. “Gold prices have started 2017 making up some of the losses from late last year. However, the US dollar is likely to remain a substantial headwind to further price rises, at least in the first half of 2017,” analysts said. Buying of jewelry, coins and bars, plus official sector and industrial demand, fell to 3,349 tons last year from 4,184 tons in 2015.
source: Financial Tribune
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