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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