Gold loses luster as demand drops

Yellow metal unlikely to match stellar performance of 2013, says WGC

Global gold demand declined sharply in the second quarter of the year as Chinese and Indian buyers purchased less jewelry than a year ago, the World Gold Council said on Thursday.

According to the WGC, global gold demand during the second quarter of 2014 was 964 metric tons, a 16 percent year-on-year drop. The WGC said the full-year results would be much lower than in 2013.