Although global gold demand is up 19% for the second quarter, exchange traded funds (ETFs) that hold this metal lost 2.6 tons. Emerging-market countries and price volatility were the driving forces behind the demand increase, according to the The World Gold Council. Jane Louis for Resource Investor reports that global gold jewelry demand saw a 37% year-on-year increase, reaching a record $14.5 billion. As far as tons go, India reached all-time records in jewelry and retail investment. It has the world’s largest gold market. Russia saw its highest level of jewelry demand during the second quarter, the report said.
streetTracks Gold Shares (GLD), the world’s largest gold ETF, had many redemptions. GLD is up 3% year-to-date and is slightly above its trend line.
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