World demand for gold shot up by more than a third in the second quarter as recession-spooked investors continued to look to the commodity as a safe haven.
As demand rose by 36% to 1,050 tonnes in volume, it shot up by 77% to a record quarterly high of $40.4bn (£26.1bn) in value terms, according to the latest report published by the World Gold Council (WGC) yesterday. The biggest boost came from a 118% rise in investment demand, within which exchange-traded funds (ETFs) in the developed world ballooned by 414% to account for 291 tonnes out of the 534-tonne total. The 235-tonne rise in ETFs is the strongest quarterly rally since the height of the financial crisis, writes the Independent. Full story...
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