Metal’s shine is dim­ming

The Star Early Edition - - INTERNATIONAL -

GOLDde­mand fell to the low­est in almost five years in the third quar­ter as bar and coin buy­ing slid and jew­ellery pur­chases slowed, the World Gold Coun­cil said. Global de­mand de­clined 2.5 per­cent from a year ear­lier to 929.3 tons, the low­est since the last quar­ter of 2009, the London-based coun­cil said yes­ter­day in a re­port. The metal slumped 28 per­cent in 2013 and reached a four-year low this month as a stronger dol­lar and ex­pec­ta­tions that an im­prov­ing US econ­omy will war­rant higher in­ter­est rates cut de­mand for bul­lion. “Many economies are im­prov­ing, in­clud­ing the US and UK, and we’re see­ing gold prices lower,” Alis­tair Hewitt, the head of mar­ket in­tel­li­gence at the coun­cil, said from London. But “with the price fall­ing, a lot of In­dian con­sumers have found them­selves in a po­si­tion to buy more gold”. – Bloomberg

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