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Mumbai Nov. 26

Total gold demand in the third quarter of this year is estimated to have increased by over five per cent year-on-year. By far the largest contributor to this increase was implied net investment, which jumped more than 150 tonnes quarter-on-quarter.

Other gains were also seen in fabrication (chiefly from India and Turkey) though bar hoarding fell, Gold Fields Mineral Services Ltd (GFMS) said in its third quarter 2003 report on gold supply and demand balance.

Other major change in the period was producer hedging activity contributing a fraction to supply after seven consecutive quarters of often hefty additions to demand through cuts in the delta adjusted book, the report pointed out.

On the demand side, GFMS said, jewellery fabrication rose a modest five per cent year-on-year, chiefly due to very strong gains in just India (thanks to a good monsoon, stable rupee prices in July and August, healthy economy) and Turkey where a rebound in local consumption was boosted by improving exports.

Total consumer demand during Q3 was 704.9 tonnes (as compared with 707.8 tones in Q2 and 638.4 tonnes in Q1 of this year), but up two per cent year-on-year.

Total consumer demand in India was an estimated 131.9 tonnes of which jewellery comprised 117 tonnes. Total demand in the previous quarter was 117.8 tonnes. Indian demand in the whole of 2002 was 547.3 tonnes and 702 tonnes the previous year.

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