Gold is losing its shine as interest from China and India fades.
Global demand dropped 12% during the second-quarter compared to a year earlier, a report from the World Gold Council Thursday showed.
China and India, the world’s biggest gold buyers, were responsible for almost half the fall in demand to 914.9 tonnes.
Gold prices have been sliding in recent months as a stronger U.S. dollar and expectations that the Federal Reserve will hike interest rates for the first time in nearly a decade scares off investors. The metal current trades at $1,117 an ounce.