Does the demand for gold follow a seasonal pattern?
There are seasonal patterns to jewellery demand, although the pattern varies from one country to another. Global demand is usually strongest in the fourth quarter of the year, followed by first quarter demand. The main elements governing this are: • Western world: Christmas • Islamic world: Eid Al Fitr at the end of Ramadan is a major gold giving occasion. Since the Islamic year is ten or eleven days shorter than the calendar year, the date of Ramadan moves each year. In 2006 the Eid Al Fitr was on October 23rd. Eid Al Adha (Feast of Sacrifice) takes place seventy days after the Eid Al Fitr and is also a significant gold-giving occasion. In 2006 Eid Al Adha fell on December 31st. Pilgrims going to Mecca and Medina may also buy gold; the main pilgrimage period, the Haj, culminates around the time of the Eid Al Adha. • India: gold buying peaks during the wedding season and at the times of various festivals that vary from region to another. The biggest festival is Diwali, which usually fa
