Global Gold Demand Slumps as Prices Soar to Record

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Record gold prices have scared buyers in many parts of the world and left them to watch helplessly the blistering rally that shows no signs of abating...spot gold hit a lifetime high of $936.50 an ounce on Friday.

Record gold prices have scared buyers in many parts of the world and left them to watch helplessly the blistering rally that shows no signs of abating.

But sales of gold have surged as consumers take advantage of the high price, which has doubled in just two years.

Spot gold hit a lifetime high of $936.50 an ounce on Friday.

Traders say gold demand in India, the world's top bullion consumer, has been sluggish, Japanese retail buyers have turned into heavy sellers, jewellery demand in South America has slumped and Chinese retailers have cut stocks.

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