Gold Buyers Take a Break

The growth was partially driven by heavy investment demand, particularly from ETFs.

The WGC also notes total supply of gold dipped 13% to 3,451 tons in the year.

As for the miners, shares of Goldcorp(GG Quote) slipped 0.6% after the company said it needed to restate part of its footnote disclosures. "Goldcorp's previously reported financial results have not changed," says Kevin McArthur, company CEO, in a prepared statement.

The Amex Gold Bugs Index gained 1%.

Turning to base metals, May-dated copper contracts jumped 9 cents to $2.68 a pound on the Comex, on news of burgeoning imports of the metal into China.

"Stocks on the London Metal Exchange are very low," says Robin Bhar, a metals market analyst at UBS in London. Speaking at a seminar in New York, he said that in terms of the overall copper market, the current LME inventories represent less than three weeks consumption.

Elsewhere, Prudential upped its stock price forecast on shares of aluminum smelter Alcoa(AA Quote) to $41 from $35. The shares added 0.4% to $34.71.