KUALA LUMPUR: The price of gold may have dropped 26.16% over the last two years, from a high of US$1,889.70 an ounce in August 2011 to US$1,211.60 in August 2013, and demand may have declined too, but the exit from the gold market has largely been from gold-denominated ETFs (exchange traded funds) with demand for physical gold remaining very high.
According to the World Gold Council’s Q2 report, the demand for gold bars and coins in the second quarter of this year spiked 78% to 507.6 tonnes from 285.9 tonnes in the corresponding quarter of the previous year.
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