Strong Outlook for Gold Demand for Remainder of 2010

LONDON, November 17, 2010 - Global gold consumption for 2010 will be higher than 2009 as a result of
increasing levels of demand in India and China, sustained global demand for
gold investment, together with growth in jewellery and industrial demand, the
World Gold Council ("WGC") said.

According to the WGC's Gold Demand Trends report for Q3 2010, published
today, demand for gold in the final quarter of 2010 will be driven by the
following factors:

    - Increasing demand by the world's two largest markets, India and China,
      as rising income levels, high savings rates and strong economic growth
      continue to push up consumption.

    - Gold jewellery demand is likely to exceed that of 2009 due to an
      anticipated recovery in India, the most significant gold jewellery
      market, and continuing strength in China. While jewellery demand may
      face challenges ahead, the latest figures show that demand in key
      markets has shown resilience in the face of higher prices levels.

    - Concern over fiscal imbalances and currency tensions will continue to
      support investment demand for gold. Aside from the recent additional
      US$600 billion of quantitative easing by the US, the weakening of the
      US dollar and associated fears of inflation, demand is also likely to
      be driven by higher gold price expectations, as well as increasing
      availability and accessibility of gold investment products to retail
      investors.

    - Industrial demand, which has returned to long-term levels, is expected
      to remain firm on the back of renewed growth in the electronics
      industry, due to the majority of semi-conductors being wired by gold.

Marcus Grubb, Managing Director, Investment at the WGC commented:

"Healthy gold demand growth in the third quarter occurred in the context
of record international prices, demonstrating how consumers, particularly in
India and China, are continuing to appreciate the enduring value of gold. The
rediscovery of gold's properties as both a currency and a monetary asset have
been brought into sharp focus. Quantitative easing has forced the adjustment
of global imbalances into currency markets and the resulting currency
conflict is positive for gold. In addition, we believe demand will be
facilitated by the growing number of channels that serve to make gold more
easily accessible to a greater number of investors."

Richard Holliday, Director, Industrial at the WGC commented:

"The recovery of industrial gold demand to pre-crisis levels will
continue to be sustained by the rise in demand for high-tech goods, such as
the iPad and smart phones. Longer-term exciting advancements in the use of
gold in nanotechnology, environmental and biomedical applications are also
expected to drive demand."

GLOBAL DEMAND STATISTICS FOR Q3 2010

   - Total gold demand was 922 tonnes, an increase of 12% from Q3 2009. In
      US$ value terms, demand grew 43% to US$36.4 billion over the same
      period.

    - Demand for gold jewellery increased by 8% from Q3 2009, with four of
      the best performing markets - India, China, Russia and Turkey –
      accounting for 63% of global demand. In value terms, global demand for
      the 12 month period ending September 2010 hit a record US$137.5
      billion.

    - Retail investment rose 25% from Q3 2009 to 243 tonnes. The largest
      contribution to total demand growth came from bar hoarding, which
      increased 44% from the previous year. The total value of net retail
      investments during the quarter was a record $9.6 billion, representing
      a 60% increase from Q3 2009.

    - Total gold ETF demand fell by 7% from Q3 2009 to 39 tonnes. Following a
      remarkable surge in the previous quarter, which was supported by
      heightened sovereign risk and currency worries, this quieter period for
      ETFs reflects consolidation in the market, as it contemplated the
      prospect of QE2.

    - Industrial demand has recovered back to pre-crisis levels of 110
      tonnes, reflecting an increase of 13% from Q3 2009. This recovery was
      driven by improving demand for consumer electronics goods globally, in
      particular from emerging markets such as China and India, as well as an
      increased range of new technology products with gold components.

The full 2010 Q3 Gold Demand Trends report, which includes
comprehensive data for the third quarter of 2010, can be viewed at:
www.mediacentre.gold.org

Notes to Editors:

World Gold Council

The World Gold Council (WGC) is the market development organisation for
the gold industry. Working within the investment, jewellery and technology
sectors, as well as engaging in government affairs, its purpose is to
provide industry leadership, whilst stimulating and sustaining demand for
gold.

The WGC researches and gives insight on the international gold markets,
helping people to better understand the wealth preservation qualities of
gold and its role in meeting the social and environmental needs of
society.

Based in the UK, with operations in India, the Far East, the Middle East,
Europe and the USA, the WGC is an association whose members include the
world's leading gold mining companies. For further information visit
www.gold.org.

For further information regarding Gold Demand Trends: Stephanie Mackrell, Head of Media Relations, World Gold Council, on +44(0)207-826-4763, or stephanie.mackrell at gold.org; Clare Allison, Account Director, MS&L, on +44(0)207-307-5342, or clare.allison at capitalmsl.com