For the month of May, the spot gold closed at $1,410.30 per ounce, down $62.50 per ounce or 4.24 %. The U.S. Dollar Index gained 1.99% for the month. This fall in gold prices during the month, is the longest slump in 16 months, as U.S. filings showed that George Soros and BlackRock Inc. cut stakes in exchange-traded products backed by the metal. The strength in the US Dollar also made gold weak in the month of May.
The latest World Gold Council Gold report for the January-March 2013 period shows a market driven by diverse global demand, and an appetite for owning gold jewellery that continues to grow. Global demand for gold jewellery was up by 12% in Jan-Mar 2013; driven largely by significant increases in demand in India and China. Central Banks remained significant acquirers of gold, making purchases in excess of 100t (109t) for the seventh consecutive quarter. Overall the total global demand for gold in Q1 2013 was 928t, down 19% from Q4 2012.
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