A 4 percent increase in gold demand coupled with a price that raced toward the long-held $850 per ounce record, created a record-breaking $79 billion demand for gold in 2007, the World Gold Council (WGC) reported. Specifically for gold jewelry, demand increased 6 percent in tonnage terms and 22 percent in dollar terms in 2007, creating a record $54 billion demand compared with 2006.

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