World Gold Council: Gold Falls To 6-Year Low, US Steel Shipments Up

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Gold Prices Going Up

Gold demand fell to a six-year low last quarter and US steel shipments jumped in June, although the 2015 numbers are still down year-over-year.

Gold Demand Plummets

Gold demand hit a six-year low in the second quarter, a World Gold Council report showed on Thursday, as sluggish prices and the prospect of better returns in equities curbed interest. Demand fell 12% to 914.9 metric tons, with declines in China and India accounting for nearly half of the drop, the WGC said.

US Steel Shipments Up in July

The American Iron and Steel Institute (AISI) reported that for the month of June 2015, US steel mills shipped 7,758,087 net tons, an 8.1% increase from the 7,175,211 net tons shipped in the previous month, May 2015, and a 6.4% decrease from the 8,291,823 net tons shipped in June 2014.  Shipments year-to-date in 2015 are 43,980,293 net tons, a 9.8% decrease vs. 2014 shipments of 48,777,146 net tons for six months.

A comparison of June shipments to the previous month of May shows the following changes:  hot-dipped galvanized sheets and strip were up 14%, hot-rolled sheet was up 12% and cold-rolled sheets, up 9%.

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