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Demand for gold jewelry by volume continued its growth of the past few quarters based on consumers across the globe (with notable exceptions) taking advantage of a year-over-year 21 percent drop in the price of the precious metal, according to a report by theWorld Gold Council. Economic recoveries in some countries also is viewed as a contributing factor for this continued growth.

The amount of gold jewelry purchased in the first quarter of 2014 increased 3 percent year-over-year to 570.7 tons, the largest first quarter volume since 2005, according to the WGC’s quarterly report, Gold Demand Trends. Meanwhile, demand in value terms for the first quarter fell 18 percent year-over-year to $23.7 billion, largely a function of the first quarter 2013 value of gold being the third highest on record.

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