UPDATE 2-WGC sees gold demand recovering in 2010


مشرف وإستشاري هندسة المناجم
12 مارس 2007
مجموع الإعجابات
Cautious recovery seen in jewellery, industrial demand
* C.banks expected to buy gold, investment demand seen strong
* Analyst sees World Cup pushing precious metals prices up

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By Svetlana Kovalyova
MILAN, March 18 (Reuters) - Global gold demand is expected to rise in 2010 after a fall last year with economic recovery driving jewellery demand and fuelling investor appetite for bullion, a senior official at the World Gold Council said.
"I would expect to see a plus sign at the end of the year," Rozanna Wozniak, investment research manager at the industry-funded WGC, told Reuters on the sidelines of a presentation on Thursday.
Global gold demand fell 11 percent in 2009, hammered by a 20 percent drop in jewellery demand which accounted for 52 percent of the overall demand last year. Identifiable investment demand rose 7 percent in 2009. [ID:nN16242549]
Jewellery and industrial demand would be supported by the signs of economic recovery, while uncertainties about its pace, inflation and currency risks would bolster investment demand this year, Wozniak said.
"We've got this situation when we've got improving economic conditions but an ongoing economic uncertainty ... Investment (demand) will be supported by the uncertainty," she said.
Jewellery demand, which started picking up at the end of last year, is seen gathering strength this year as consumer demand recovers, especially in core markets such as India and the Middle East, Wozniak said.

WGC expects central banks -- many of which were sellers of gold in the 1990s -- to continue buying the metal as a monetary asset and a means to diversify reserves amid currency uncertainties, Wozniak said.
European central banks have been reducing gold sales while non-European central banks are likely to be present on the buy side this year.
China could be among gold buyers this year because the share of gold in its reserves remains small and is likely to turn to its domestic gold supplies to diversify reserves, Wozniak said.
Many investors have wondered if China might buy 191.3 tonnes of gold being offered for sale by the International Monetary Fund after India bought 200 tonnes in November. [ID:nSGE61H00R]
"They (China) have been buying gold locally, and I would expect them to continue to have that preference," Wozniak said.
Investment demand for gold, which spiked in the first quarter of 2009 but fell back in the remainder of last year, was likely to be strong in 2010 as investors, especially in the West, learn to appreciate gold as an investment class, she said.
"We are not going to see levels of the first quarter (of 2009), but on the historical basis (the demand) is still going to be strong," she said.
Wozniak said demand and supply fundamentals would support gold prices this year but declined to give price forecasts.
Shamim Mansoor, an analysts at ETF Securities, told the same presentation gold and platinum prices could spike later this year if a surge in power demand during the FIFA World Cup forced South Africa's major utility Eskom to cut supplies to mines.
"Metals prices are likely to spike ... in such a scenario," she said but declined to give a more precise forecast.
South Africa is a major producer of gold and platinum. (Editing by Anthony Barker

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