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Montreal (Kitco News) --The World Gold Council expects gold demand to be strong during 2010, mostly driven by growing demand for jewellery in China and India.

According to WGC’s Gold Demand Trends report, published today, demand in India and China will continue to grow driven by jewellery demand, in spite of high local currency gold prices. In Q1 2010, India was the strongest performing market as total consumer demand surged 698% to 193.5 tonnes. In China, demand proved resilient; demand increased 11% in Q1 2010 to 105.2 tonnes.

This strong demand is despite high local gold prices, suggesting that consumers in India and China are becoming accustomed to higher gold prices.

An increase in European and US investment in the context of continued economic instability, sovereign risk and the threat of a ‘double dip’ recession will also lead to higher gold demand said the WGC.

In an issued release the WGC said, “Concerns over Greece’s public finances and debt contagion fears in Europe have led to strong buying in particular for gold coins, bars and gold exchange traded funds (ETFs) during May which may show up in the Q2 2010 figures. “

“Currently, European gold investment demand is exceptionally strong, especially from German and Swiss investors. This is mainly attributable to concern over public debt levels in the Eurozone and the potential inflationary impact of the European Central Bank’s (ECB) announcement of the US$1 trillion rescue package to purchase Eurozone government bonds to address the Greek debt crisis,” said Aram Shishmanian, CEO of the World Gold Council in the release.

While total investment demand during Q1 2010 fell in comparison with Q1 2009, this decrease was driven by the very strong level of demand in Q1 2009 for investment particularly ETFs said Shishmanian.
The strong recovery in jewellery demand which was driven by China and India in Q1 2010, combined with recent high inflows into ETFs, has created a firm basis for an optimistic outlook for the remainder of 2010, he said.

Report Highlights

• While the volume of total identifiable gold demand was down 25% on Q1 2009 levels at 760.2 tonnes, in US$ value terms, the decline was a more moderate 9%.
• Consumers are more comfortable with a higher local price environment, borne out by demand in non-western markets where jewellery demand increased 43%.
• Indian jewellery demand rose 291% to 147.5 tonnes, there was continued strong demand from China and signs of recovery in Turkey and the Middle East.
• Net retail investment demand, which covers retail bar and coin demand, was 26% up on the first quarter of 2009 at 182.5 tonnes.
• Industrial and dental demand was up 31% at 103.2 tonnes, driven by a solid recovery in the electronics and other industrial sectors owing to the improved economic conditions.