Gold demand falls on weakness in China, India

Global demand for gold sank in the second quarter as buyers in China and India slowed their purchases of the precious metal, according to a report Thursday.

The World Gold Council said gold demand fell 7% in the second quarter from the same quarter last year.

The drop in demand came as gold prices averaged $1,609.49 in the quarter, up 7% from the average price in the same quarter last year.

Gold prices have risen sharply since the financial crisis struck in 2008 as investors flocked to the metal for safety. But the rally has lost momentum this year, with prices falling in 5 of the past 7 months.

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- Posted: 2012-08-16 15:46:56

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