Value of gold demand surges in higher price environment – council
Total third quarter gold supply increased 5% year-on-year to a record of 1 313 t
Healthy inflows into global gold exchange-traded funds (ETFs) were a major driver of growth in gold demand in the third quarter, and combined with continued over-the-counter investor interest, this helped to propel gold prices to a series of record highs throughout the period, industry organisation the World Gold Council outlines.
Gold jewellery consumption eased off as the price increased, despite a solid bounce in India because of a cut in gold import duty.
Net central bank demand slowed, but remains healthy.
Official sector institutions bought a net 186 t of gold in the quarter.
Year-to-date purchases are in line with that of 2022, at 694 t.
Holdings of global gold ETFs grew by 95 t, with inflows across all regions. This was the first quarter of total net inflows since the first quarter of 2022.
Demand for gold bars and coins was 9% lower year-on-year. Sharply lower levels of demand in China, Türkiye and the US outweighed a surge in buying in India.
Gold jewellery consumers were constrained by record prices, the Council points out.
Global gold jewellery demand dropped 12% year-on-year despite a strong jump in Indian demand.
Total third quarter gold supply increased 5% year-on-year to a record of 1 313 t. Mine production and recycling supply volumes both contributed to the increase.
The council’s expectation of a resumption of Western investment flows was realised in the quarter, helping propel gold prices yet higher.
Bar and coin investment are set to remain solid as jewellery buying steps back amid high prices. Central bank buying, although slower, is on track for a strong year. Supply is on course for a record year after very strong third quarter mine production, it points out.
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