Gold demand of 964t in the second quarter was, unsurprisingly, lower when compared with the exceptional upsurge in demand in Q2 2013. Jewellery demand weakened year-on-year, but the broad, 5-year uptrend remains intact. Investment demand pulled back from the extremes seen during last year as relatively stable price conditions contributed to the subdued environment. Central banks continued to buy gold at a solid, steady pace. Mine production grew 4% year-on-year for a second consecutive quarter, contributing to a 10% increase in gold supply.