The World Gold Council (WGC) released its report on Thursday. Global demand for gold dropped 12% in the second quarter due to lower demand from Asia. Demand for gold totalled 914.9 tons in the second quarter, down from 1,038 tons during the same period in 2014.

Global demand for jewellery slid by 14% in the second quarter to 513.5 tons, down from 594.5 tons a year ago. Jewellery makes up about 60% of global gold consumption.

According to the World Gold Council, annual gold demand is expected to be between 4,200 tons and 4,300 tons. Demand in India and China in 2015 is expected to be 900-1,000 tons.