Demand for gold has seen a slight recovery in jewelry and industrial markets, an industry trade group said Wednesday. Jewelry, the biggest market for gold, had the smallest decline of the year in the fourth quarter – down 8 percent – as stronger demand in India and China offset weaker markets in western countries, the World Gold Council said. It was an indication some consumers are adjusting to higher prices, the council said. Gold jumped 38 percent in the quarter to an average of $1,099.63 an ounce. Overall, demand among investors, industrial users and jewelry makers totaled 819.7 metric tons in the last three months of 2009. That was down from 1,077.1 metric tons in the year-ago quarter. The industrial and dental uses sector saw an 11 percent increase to 99.7 tons, largely because of fresh demand from electronics manufacturers. “What we've seen is the beginnings of, and I don't want to overstress this, but the beginnings of what seems like a bit of recovery in both jewelry and industrial,” said George Milling-Stanley, the council's managing director for government affairs. The group, which is based in London, saw more interest in emerging markets such as India and China.
