US Gold Jewelry Demand Hits 7-Year High

In the first half of 2016, the gold price logged its best performance in 35 years

U.S. gold jewelry demand hit a seven-year-high, after logging its 10th consecutive quarter of annual growth, according to the World Gold Council (WGC). 

It credited a strong Mother’s Day for the growth, although it noted that the upcoming presidential election has dampened demand and may further hurt results.

Sales were also helped by “consistent, if moderate, economic growth and improving employment levels,” it said.

“Growth in [U.S.] jewelry and watch sales comfortably outstripped that of general retail sales for much of the year-to-date, although the comparison was slightly flattered by weak gains in early 2015,” the WGC added.

The group also noted that the price of gold rose 25 percent in the first half of 2016, its strongest performance in 35 years.

(Photo by Thinkstock)

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