World demand for gold declines by 14% this year

Baku. 3 August. REPORT.AZ/ In the first half of 2017, demand for gold in the world decreased by 14% and amounted to 2 003.8 tons. Report informs citing the World Gold Council, in the II quarter of 2017, demand for precious metals declined by 10% up to 953.4 tons per year.

The decline is explained by the decrease in flow of investment funds to stock markets.

Along with demand for gold, offer has also decreased. Thus, in the second quarter of 2017, the supply in the gold market decreased by 8% up to 1 065.9 tons per year.During this period gold production remained stable, but recycling showed 18% decrease. After this news the price of 1 ounce of gold at commodity exchanges decreased by 0.8% and made $ 1,260.