Gold demand in 1999 rose more than one-fifth to a record level, buoyed by strong demand in India, Pakistan and the U.S., according to a year-end report by New York-based World Gold Council (WGC).
In the 27 markets monitored by the WGC, demand rose 566.2 tonnes, to 3,278.4 tonnes, from figures recorded in 1998.
The record was achieved despite a sharp drop in demand in the fourth quarter of 1999, during a period of fluctuating prices. However, demand recovered in December, approaching levels similar to those recorded in the corresponding quarter of 1998.
An increase in demand for jewelry and investment products is credited with boosting overall demand in 1999. Demand for gold jewelry reached 2,799 tonnes, up 23% over figures recorded in 1998. Demand for gold investment products rose 8% from figures recorded in 1998, to 479 tonnes.
Demand in smaller markets was also up, reports WGC. Demand in Mexico increased 27%, to 69.6 tonnes, France was up 1% at 60 tonnes, and Vietnam was up 20% at 53 tonnes.
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