Gold demand steady in Q3, as central banks, consumer buying offset ETF outflows

摘要

Global gold demand was steady in Q3 2018 at 964 tonne (t), up just 6t year-on-year according to the World Gold Council's latest Gold Demand Trends report. Robust central bank buying and a 13% rise in consumer demand offset large outflows in gold-backed exchange-traded funds (ETFs). Lower gold prices saw retail investors take refuge in bars and coins, while jewellery purchases increased in India, China and across South-East Asia. Bar and coin investors took advantage of the price dip, with demand up 28% y-o-y. Stock market volatility and currency weakness boosted demand in many emerging markets. China, the world's largest bar and coin market, saw demand rise 25% to 86t y-o-y. Iranian demand hit a five-and-a-half year high at 21t.