This marks the ninth consecutive quarter of growth
U.S. demand for gold jewelry glittered in the first quarter, even as it sunk just about everyplace else, according to the World Gold Council’s quarterly “Gold Demands Trends” report.
Demand for gold jewelry rose 2 percent from last year, marking the ninth consecutive quarter of growth, the report said. Even better, gold jewelry imports into the United States showed double-digit gains in January and February.
“The [U.S.] industry continues to benefit from retailers reentering the gold segment, having previously slashed—if not completely eradicated—their gold product offerings,” it said.
The council expressed “cautious optimism” for the rest of the year—noting that while the outlook for luxury goods remains positive, consumer demand might be dampened by the tumultuous presidential election.
The news in the rest of the world was not as good, with overall global gold jewelry demand sinking 19 percent in the quarter, led by strong declines in China (17 percent) and India (41 percent).
In addition, a sharp spike in the gold price this quarter likely fueled sales declines in the “price-sensitive” markets of Asia and the Middle East, it said.