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Gold demand in India, the world's largest buyer, is heading for a quarterly record after prices slumped to a two-year low in April, the World Gold Council said.
Imports will be 300 to 400 metric tonnes in the second quarter, almost half total shipments for all of last year, the London-based industry group said in a report. Gold auctions run by the State Bank of Vietnam were fully subscribed and some retailers in Japan ran out of stock, it said.
Investors sold 477.7 metric tonnes valued at $21 billion from exchange-traded products this year as some lost faith in gold as a store of value amid an improving US economy and rally in equities. The slump into a bear market last month boosted demand for jewellery from Asia and spurred greater coin purchases.
