Economic news

Gold demand reaches a 7-year low

Physical demand for gold in 2016 was at the lowest level during the past seven years, according to a Thomson Reuters GFMS report. 

In comparison with III quarter demand rose by 29% at the end of the year, but the final results were not encouraging. Compared with the previous year, the level of demand fell by 10%, despite a significant decline in prices. 

The first place in the ranking of countries with the highest level of consumption of gold in 2016 was occupied by China.

The surplus in the gold market, according to analysts, could be even greater if there were not the seasonal jewelry demand and activity of Russia state structures, involved in active buying gold at discounted prices.

GFMS experts forecast an average price of gold in 2017 at the level of 1259 dollars per ounce.

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