Global gold consumption has decreased 16 percent in the second quarter on weaker demands from China and India, said a report of the World Gold Council (WGC) on Thursday.
In the second quarter, the worldwide demand for gold was 964 tonnes, due to weaker gold jewelry purchases from Chinese and Indian buyers. Jewelry typically accounts for half of global demand and the second quarter is traditionally an off-season Chinese and Indian buyers.
Global jewelry consumption in the second quarter 2014 was 510 tonnes, a year-on-year decrease of 30 percent.
Despite low jewelry consumption, demand from the investment sector and central banks both increased, by 4 percent and 28 percent respectively.
Central banks have remained net buyers of gold for 14 consecutive quarters purchasing about 18 tonnes in the second quarter.