Gold is losing its shine as interest from China and India fades.
Global demand dropped 12% during the second-quarter compared to a year earlier, a report from the World Gold Council Thursday showed.
China and India, the world’s biggest gold buyers, were responsible for almost half the fall in demand to 914.9 tonnes.
Gold prices have been sliding in recent months as a stronger U.S. dollar and expectations that the Federal Reserve will hike interest rates for the first time in nearly a decade scares off investors. The metal current trades at $1,117 an ounce.
via CNN
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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