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WORLD GOLD DEMAND UP 24 PERCENT IN FIRST QUARTER DEVELOPING MARKETS REGISTER 36 PERCENT GROWTH

 NEW YORK, May 5 /PRNewswire/ -- Gold demand was up 24 percent in markets monitored by the World Gold Council during the first quarter of 1993 over the same period a year ago. According to the WGC's latest edition of "Gold Demand Trends," gold demand in these markets (accounting for approximately 75 percent of global demand) reached 632 metric tons during the first three months. The same markets increased 11 percent in full-year 1992 over 1991.
 The driving force behind the growth in gold demand continues to be the developing markets, which were up 36 percent to a level of 472 metric tons in first quarter 1993. Asia has significantly contributed to this growth. In India gold demand surged 93 percent from 59mt to 114mt, according to trade sources. China also registered a remarkable increase in demand of 36 percent from 70mt.
 Other highlights include:
 -- Investment demand for gold in Japan was up 10 percent in the first quarter over the same period of 1992.
 -- Mint sales of the major bullion coins in first quarter 1993 amounted to 14mt, up 9 percent over first quarter 1992.
 -- Gold jewelry in developed markets remained virtually steady at 131mt in the first quarter. The 4 percent increase in U.S. consumption was offset by an 8 percent decrease in Europe, with Japan remaining flat.
 An informal WGC survey among seven leading German banks indicated a three-fold increase in consumer demand for gold bars and coins in first quarter 1993 over a year ago. This surge resulted from the removal of the VAT tax at the beginning of this year.
 The World Gold Council is a worldwide, non-profit association of gold-producing companies. Headquartered in Geneva, Switzerland, the WGC maintains offices in major gold markets. The primary objective of the WGC is to stimulate demand for gold consumption in the jewelry, investment and industrial sectors through promotion.
 -0- 5/5/93
 /CONTACT: Victor Webb of Marston Webb International, 212-684-6601, for the World Gold Council/


CO: World Gold Council ST: New York IN: MNG SU: ECO

LD -- NY007 -- 4692 05/05/93 08:01 EDT
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Date:May 5, 1993
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