Demand for gold hits record high

Thursday 19 August 1999 00:02 BST

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THE SLUMP in the gold price in the wake of Britain's announcement it was selling 415 tonnes of reserves helped drive up demand in the second quarter to a record high.

Total demand in 27 markets covered by the World Gold Council rose 16 per cent from a year ago to 809.5 tonnes, a second-quarter record.

WGC analyst Tom Butler said the recovery in South-east Asia and a 32 per cent rise in investment purchases had also buoyed demand.

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