Gold demand tops $100bn mark

via News24

Feb 18 2009 13:18

Johannesburg - Sustained investor interest in gold over the course of 2008 against a backdrop of the worst year on record for global stock markets and many other asset classes, helped push dollar demand for the safe haven asset to $102bn, the World Gold Council's (WGC) said on Wednesday.

This is a 29% increase on year earlier levels.

According to WGC's Gold Demand Trends, identifiable gold demand in tonnage terms rose 4% on previous year levels to 3 659 tonnes.

"As shares on stock markets around the world lost an estimated $14 trillion in value, identifiable investment demand for gold, which incorporates exchange traded funds (ETFs) and bars and coins, was 64% higher in 2008 than in 2007, equivalent to an additional inflow of $15bn," WGC said.

- I-Net Bridg