Global gold demand firmer in Q3

0 Comment(s)Print E-mail Xinhua, November 2, 2022
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A customer tries gold jewelry at a store during the Mid-Autumn Festival holiday in Danzhai County, southwest China's Guizhou Province, Sept. 11, 2022. [Photo/Xinhua]

Gold demand (excluding over-the-counter trading) in the third quarter (Q3) was 28 percent higher from the same period last year to 1,181 tonnes, a report said on Tuesday.

The report was released by the World Gold Council. It attributed the rise to stronger consumer and central bank buying.

Jewelry consumption reached 523 tonnes, increasing 10 percent year on year despite the deteriorating global economic backdrop, it said.

Investment demand (excluding over-the-counter trading) for Q3 was 47 percent lower year on year at 124 tonnes, reflecting weak sentiment among some investor segments.

Central banks continued to accumulate gold, with purchases estimated at a quarterly record of nearly 400 tonnes.

Total gold supply increased 1 percent year on year to 1,215 tonnes. A sixth consecutive quarter of year-on-year growth in mine production was partly offset by lower levels of recycling.

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