The lower price of gold helped gold jewelry sales rise 2 percent in tons terms in the second quarter, according to the World Gold Council’s quarterly review of demand trends.
This is the sixth consecutive quarter U.S. gold jewelry demand has risen.
“Gold seems to be competing very well against non-precious metals but also against jewelry that is a mix of gold and silver,” said WGC head of market intelligence Alistair Hewitt in an online video.
The report noted that gold jewelry imports rose 11 percent in April and May and found that U.S. jewelry sales remained on a “gentle upward” course.
“The slightly erratic nature of U.S. economic recovery has proved a headwind to more convincing growth, but we expect the recovery in demand to gain momentum as yet lower prices feed through to consumers,” it added.
Erratic recovery or no, the U.S. market was a bright spot in the quarter. Global gold jewelry demand fell 14 percent in the period, due to weakness in Asian markets. Overall demand for gold fell 12 percent.
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