World gold demand drops despite increased central bank purchases

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Spearheaded by a contracting Indian market, global demand for gold dropped by 3.86% in 2012 according to a World Gold Council (WGC) report released today.

Global demand for gold totalled 4,405.5 tonnes in 2012, down from 4,582.3 tonnes in 2011. Notably, year-on-year demand fell by 12% in India, and was flat in China, the report says.

Meanwhile, the average gold price (London PM fix) for the year increased from $1,572 per troy ounce in 2011 to $1,669 in 2012.

Marcus Grubb, managing director of in

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