Global Q2 gold demand weakest since 2009, Chinese buyers stay away

July 28, 2015 14:20

Global gold demand shrank to its lowest level since 2009 in the second quarter as China poured funds into equities, which had promised better returns, and imports by India dropped to the lowest in five quarters, an industry report showed on Tuesday.

A plunge in Chinese share prices from mid-June has not helped bullion, GFMS said in a quarterly report, although it was cautiously optimistic that global demand and prices could start to pick up in the final quarter of the year.

China and India are the world's top gold consumers.

Physical demand there has not picked up strongly despite a sell-off last week that pushed global prices to their lowest since 2010.

GFMS, a division of Thomson Reuters, said demand for gold bars and coins fell 12 percent year-on-year in April-June and was around 63 percent below the peak in the second quarter of 2013.

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