Global gold demand was largely unchanged in the third quarter. Central bank purchases increased and gold exchange-traded funds recorded large inflows, while demand for gold jewellery weakened.
This is according to the World Gold Council’s latest quarterly report – Global Demand Trends.
Total gold demand decreased by 1 percent year-over-year to 1,369 tonnes. During the first nine months of the year, demand amounted to 3,881 tonnes, close to last year’s record level, while the value reached a record-high USD 566 billion.
Central banks bought 321 tonnes of gold during the quarter, mainly driven by China and Poland. At the same time, holdings in gold exchange-traded funds increased by 211 tonnes to a record-high 4,256 tonnes. This generated inflows of USD 31 billion, also a new quarterly record.
Demand for gold jewellery decreased by 17 percent to 313 tonnes, the lowest level for a third quarter in the report’s time series. Investments in gold bars and coins fell to 268 tonnes, the lowest level in four years.
Total gold supply decreased by 1 percent to 1,369 tonnes, despite record-high mine production for a third quarter.
