Gold bull run set for 12th consecutive year – WGC

May 10, 2012 at 13:59

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Global gold demand is seen steady in the first quarter of this year supported by investment demand which offsets weak demand from India, the world’s major gold consumer, a senior official for the World Gold Council (WGC) said on Thursday.

“The quarter looks like a steady one in terms of demand,” Marcus Grubb, WGC managing director told Reuters on the sidelines of a news briefing.
“We believe this will be the 12th year of a bull run (on gold markets) by the end of this year,” he added.

“Central banks continued to be net buyers of gold at a good rate (in Q1),” Grubb said. He declined to give precise figures ahead of a WGC quarterly demand trend report due to be released next week.

Grubb also said it was unlikely that gold reserves around the world could be used to bail out crisis-hit countries in the periphery of Europe.