Record gold prices boost recycling — industry

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Record gold prices have sent recycling of the precious metal to the highest level in more than three years, as consumers cash in on jewelry, an industry body revealed Tuesday.

LONDON, United Kingdom - The World Gold Council added, however, that total demand for gold dropped five percent in the first quarter year-on-year as it became too expensive for some.Gold, seen as a haven investment, has seen its price jump 13 percent since the start of 2024. It struck a record-peak at $2,431.52 per ounce on April 12.Prices hit new heights thanks to a number of factors, notably the prospect of cuts to US interest rates, even if they may be some time away.

"Historically, there's a strong relationship between the gold price and recycling, understandably when prices are going up, people will tend to sell their gold holdings or a portion of them to kind of lock in the higher price," he told AFP following release of the quarterly report.At the same time, he said "the macroeconomic and uncertainty in a number of markets caused people to actually hold to their gold".

 

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