Gold demand for jewelry fell 21 percent year-over-year to 445.4 metric tons for the first quarter of 2008—the lowest quarterly level on record since the early 1990s, according to the quarterly Gold Demand Trends report from the World Gold Council. In dollar terms, however, it was up 12 percent to $13.2 billion. Against a worsening economic background for consumers in the U.S. market, overall demand for gold fell 15 percent to 48 tons, according to the report.

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