Yellow metal demand wanes in first quarter

Yellow metal appetite waned in China during the first three months of the year as dama, or the middle-aged wealthy Chinese women investors, shifted focus to the bullish stock market and reduced purchases, an industry report said on Thursday.

Gold demand fell by 7 percent to 273 metric tons on a year-on-year basis between January and March in China, the World Gold Council said in its quarterly report, adding that jewelry demand fell by 10 percent during the period.

Global demand for gold remained more or less flat at 1,079 tons during the same period, the WGC said. The demand included retail, central bank and investment purchases, with China and India accounting for about half of the total.