Gold demand slides 8 years low

Vastavam web:Gold demand slid to its lowest in eight years in the last quarter as jewelry buying fell and inflows into bullion-backed exchange traded funds dried up, data from the World Gold Council showed on Thursday. Overall demand fell 9 percent to 915 tonnes, its weakest since the third quarter of 2009, the WGC said.

That pattern is likely to feed through to the full year, with the WGC forecasting annual demand of just 3,900-4,000 tonnes, compared to 4,347 tonnes in 2016. Gold demand has not been below 4,000 tonnes on an annual basis since 2009.