While worldwide demand for gold jewelry in 2014 fell 10 percent to 2,152.9 tons, it was still above the five-year average of 2,053 tonnes, reports the World Gold Council (WGC). According to its recently published Gold Demand Trends (GDT), which contains data and opinion on worldwide gold demand, after a steep drop in the second quarter of 2014, demand for gold jewelry gradually recovered, culminating in the strongest fourth quarter since 2007.
Fourth-quarter demand for gold jewelry totaled 575 tons, up 1 percent compared to the fourth quarter of 2013.
Regarding gold jewelry supply, the WGC said that the total annual supply of gold in 2014 was static at 4,278.2 tons. Its data showed that “despite record annual mine production, growth in mine supply was neutralized by shrinking volumes of recycling.”
Overall, full-year gold demand totaled 3,923.7 tons in 2014, compared to 4,087.6 tons in 2013. The WGC said that 4 percent year-on-year drop was “unsurprising as consumer demand was never likely to match the previous year’s record surge.”
Total annual gold supply last year was virtually unmoved at 4,278.2 tons. Growth in mine supply was balanced by a decline in recycling volumes to a seven-year low.