Global Gold Investment Demand For 2016 Hit Highest Level In 4 Years: Report

Global investment demand for gold jumped 70% year on year in 2016 to the highest level in four years, buoyed in part by the uncertain path of future interest-rate increases and the U.S. election, according to a report from the World Gold Council released Friday. Investment demand of the yellow metal rose to 1,561.1 metric tons in 2016, from 918.7 metric tons a year earlier, and inflows of gold into exchange-traded funds for the year were at their strongest since 2009, the WGC said. Overall, global gold demand climbed by 2% in 2016 to 4,308.7 metric tons, which was the highest since 2013. "2016 saw an unprecedented degree of political upheaval, which underpinned huge institutional investor flows into gold," said Alistair Hewitt, head of market intelligence at the WGC, in a statement. April gold was last down $4.30, or 0.4%, at $1,215.10 an ounce in electronic trading after settling Thursday at $1,219.40.