Global demand for gold jewellery was steady at 487.7 tonnes in the first quarter of 2018, one percent lower compared to the same period in 2017, the World Gold Council (WGC) reported.

The council’s Gold Demand Trends 2018 revealed that a continued growth in China, boosted by holiday shopping, countered a lacklustre performance in India, which was due to rising local gold prices and currency weakness.

The US, meanwhile, saw the highest first-quarter jewellery demand since Q1 2009 while investment motives underpinned Turkish demand.

“Global gold jewellery demand was stable at 487.7 tonnes in Q1, just 3.9 tonnes below Q1 2017. A combination of relatively stable gold prices and a broadly supportive economic environment sustained demand. However, the sector remains weak when compared with longer-term historical average levels: Five- and ten-year quarterly average demand was 592.1 tonnes and 556.3 tonnes respectively,” said WGC.