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Global gold demand rises 5% in Q3, reaching record highs

The World Gold Council (WGC) has released its quarterly report showing that global demand for gold in the third quarter increased by 5% year-on-year to 1,313 tons, setting a new high for the period and surpassing US$100 billion in value for the first time. (Internet)

The World Gold Council (WGC) has released its quarterly report showing that global demand for gold in the third quarter increased by 5% year-on-year to 1,313 tons, setting a new high for the period and surpassing US$100 billion in value for the first time.

This surge was primarily driven by over-the-counter purchases by Western institutions and wealthy individuals, which saw a 97% increase to 136.5 tons. Gold-backed ETFs experienced inflows of 95 tons, reversing a trend of capital outflows for the first time in over two and a half years.

However, due to high gold prices, demand for gold jewelry fell by 12% compared to the same quarter last year, and central bank purchases of gold also decreased by 49%.

Supported by factors such as the interest rate cut cycle, geopolitical tensions, and uncertainties surrounding the U.S. election, gold prices have risen 34% this year, potentially marking the best performance since 1979. Today (Oct. 30), spot gold in New York briefly surpassed the $2,800 per ounce mark, reaching a new high.

 

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