Investment surpasses jewelry as source of most demand for gold

Investors' rabid appetite for gold is showing no signs of abating, as figures from the World Gold Council show record investment in the first half of 2016.

The trend for exchange-traded funds to pile in to the precious metal, a classic safe haven amid uncertainty in the global economy and the search for yield, sent the price of gold soaring by 25 percent in the first half of the year, the biggest price rise since 1980.

For the first time ever, investment, rather than jewelry, was the largest component of gold demand for two consecutive quarters.

Demand by investors set a record of 1,064 tons during the first six months of 2016. For comparison, this was 16 percent higher than in the first half of 2009, when the financial crisis raged. ...

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