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Gold drops near 1.6% after WGC forecasts lower gold demand in 2012

Publish Date28/11/2012 02:13:40 PM

Last Update28/11/2012 02:34:20 PM

Gold drops near 1.6% after WGC forecasts lower gold demand in 2012

As of 14:00 GMT, precious-Gold dropped sharply to $1714.95 an ounce falling from a high of $1743.18 to a low of $1711.92.

The shiny metal fell for a third consecutive session, losing near 1.6%, so far, today, after the World Gold Council (WGC) said on Wednesday that gold demand in India is estimated to retreat by 19% this year from a year earlier due to the weak consumption during the first six months of the year.

Demand from India, the world`s biggest gold consumer, is forecasted to slide to 800 tonnes by end of 2012 relative to 986 tonnes in 2011, according to the WGC.

It is worthwhile to mention that concerns regarding the U.S. fiscal cliff have caused bearishness in sentiment and reinforced demand on the dollar as a favorite refuge.

The dollar index, which tracks the dollar movements versus a basket of major currencies, surged to a hit a high of 80.58 after opening today`s trades at 80.35.  


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