Global demand for gold is seeing a significant slowdown as top consumers in India and China pare purchases amid weak economic growth, abruptly halting a consumption boom that started five years ago with the onset of the financial crisis.
The consumption slowdown is driving prices downward, denting the profitability of gold miners such as Barrick Goldof Canada and New York-listed Newmontand hurting top hedge fund managers such as John Paulson and George Soros.
The World Gold Council, a lobby group for the gold miners, yesterday said demand for the yellow metal fell to 990 tonnes during the second quarter, the lowest since the first quarter of 2010 and down 7 per cent from last year.
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