文档介绍：Gold Demand Trends
Embargo: not for release before Wednesday February 17th 2010, 0600 hrs GMT FEBRUARY 2010
FOURTH QUARTER AND FULL YEAR 2009
Executive Summary Table of contents
• The volume of total identifiable gold demand during 2009 was down 11% on
2008 levels at 3, tonnes. In $US value terms, the two years were broadly
Executive summary 1
on par. Tonnage demand in Q4 was down 24% on Q4 2008, equivalent to
a 5% rise in $US value terms. If we add the less visible side of investment, Outlook 2
total tonnage demand in 2009 enjoyed an 11% rise over 2008 levels. Demand 3
• The $US gold price in 2009, at an average of $, was up 12% on Jewellery 4
$ in 2008. In Q4, the gold price averaged $1,, up a very strong
38% on the levels of Q4 2008. Consumers in India and Turkey experienced Industrial and dental 5
slightly smaller increases of 32% and 34% respectively, while consumers in Investment 7
the Euro area experienced a considerably smaller 23% rise.
Supply 9
• Identifiable investment in 2009 was up 7% relative to 2008, the only sector
on the demand side to record positive growth. Industrial and dental and Consumer demand trends
jewellery demand recorded declines of 16% and 20% respectively. China in individual countries 11
was the only major jewellery market to record annual growth in tonnage. India 11
• parison of Q4 2009 demand against Q4 2008 shows that the only Greater China 13
sector to enjoy positive growth was industrial and dental demand (11%),
Other East Asia 16
albeit off a low base. Jewellery demand declined 8%, also off a low base,
while identifiable investment declined 50% relative to an exceptionally strong Middle East and Turkey 18
Q4 2008. Q1 2009 was also exceptionally strong; although investment flows USA 19
subsequently tapered significantly, they remained high in absolute terms.
Europe 20
• After a very weak Q1, jewellery and industrial demand enjoyed three
consecut