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Gold Demand Falls 17% on Slower ETP Investment, Council Says

Gold demand fell 17 percent in the second quarter from a year earlier as investment slipped, while Asian buying and concerns about the global economy will drive consumption this year, the World Gold Council said.

Global demand dropped to 919.8 metric tons from the “remarkably strong” 1,107 tons a year earlier, when Europe’s debt crisis boosted gold’s appeal, the London-based industry group said today in a report. In value terms, consumption climbed 4.6 percent to $44.5 billion, the second-highest amount ever, as prices rallied. Buying in China and India, the world’s two biggest gold consumers, rose at least 25 percent.