Bloomberg News

GFMS Says First-Half Gold Bar Demand Fell as Indian Buying Slid

September 04, 2012

Gold bar demand dropped 14 percent in the first half as Indian purchases slipped to the lowest in three years, Thomson Reuters GFMS said.

Global bar investment declined to 504 metric tons in the six months through June from 587 tons a year earlier, the London-based researcher said today in a report. Indian purchases slid almost 60 percent in the period to 75 tons, the lowest amount since the first half of 2009, it said.

Indian demand declined because of a more volatile rupee, slowing economic growth, a higher cost of capital and concern about below-average monsoon rains, GFMS said. Global bar demand may be 513 tons in the second half, 16 percent lower than a year earlier, said the researcher, a unit of Thomson Reuters Corp.

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To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.


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