Gold Demand Shrinks to Six-Year Low on Recession, Council Says

Bloomberg reports:

Gold demand fell to a six-year low in the second quarter as recession curbed buying by jewelers and electronics producers, the World Gold Council said. Central banks were net buyers for the first time since at least 2000.

Global consumption fell 8.6 percent to 719.5 metric tons from a year earlier, the London-based industry group said in a report today. That’s the lowest level since the first quarter of 2003. Jewelry demand declined 22 percent and electronics, the biggest industrial use for gold, slid 26 percent.

Here's a look at a gold chart.