Demand falls despite increasing demand for precious metal in smartphones as well as jewellery
Global demand for gold fell last year as investors piled into stock markets instead, cancelling out the first annual increase in purchases of gold jewellery in four years and the increased use of the precious metal in smartphones and car electronics.
Demand for gold fell by 7% year on year to just over 4,000 tonnes in 2017, the first fall since 2015, according to a report from the World Gold Council, which represents gold miners. Gold averaged $1,257.2 an ounce over the year, down 1% from 2016.
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