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SECOND QUARTER GOLD DEMAND UP 1 PERCENT AS HIGHER GOLD PRICE SLOWS DOWN THE RATE OF GROWTH

 GENEVA, Aug. 5 /PRNewswire/ -- Estimates for the second quarter 1993 from the World Gold Council, in its quarterly publication Gold Demand Trends, indicate that overall demand for gold in the form of small bars, coins and jewelry, was up 1 percent, versus the same period last year.
 As the dollar gold price rose during the quarter by 11 percent from its previous 1993 low, there were signs of a slow-down in the growth of overall domestic consumption, particularly in price-sensitive markets such as the Middle East and India. Imports into key trans-shipment areas such as Hong Kong, Taiwan, Singapore and Dubai were also significantly down on the same quarter last year.
 Other points worthy of note in the second quarter and reported in Gold Demand Trends are:
 -- Gold jewelry sales in the United States continued to prove resilient to both economic recession and a higher gold price, rising 6 percent during the quarter, while jewelry offtake in Europe continued to be depressed, down 12 percent.
 -- Sales of internationally sold bullion coins (up to the 1 oz. size) rose by 46 percent overall during the second quarter, compared to the same period last year.
 -- Developing markets still represent the strongest growth area, with demand up 5 percent during the quarter, and demand in China running at 14 percent above the year-ago level, although a significant dip in the flow of gold into the country was noted.
 The World Gold Council is a non-profit association of gold producers, headquartered in Geneva with offices throughout the Far East, Europe, the Middle East and the Americas.
 -0- 8/5/93
 /CONTACT: Victor Webb of Marston Webb International, 212-684-6601, for the World Gold Council/


CO: World Gold Council ST: IN: MNG SU:

SM-MG -- NY002 -- 9649 08/05/93 07:01 EDT
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Publication:PR Newswire
Date:Aug 5, 1993
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