Gold demand rose 12 percent in the third quarter as consumers in India boosted jewelry purchases, the producer-funded World Gold Council said in a report yesterday.
Global demand rose to 921.8 tonnes from 823 tonnes a year earlier, the London-based group said.
Consumers bought 529.8 tonnes of gold for jewelry, led by a 36 percent surge in purchases from India. Investment demand in exchange-traded funds fell, and central banks were net buyers for a sixth straight quarter.
Gold traded in New York averaged US$1,228.81 an ounce during the quarter, up 28 percent from a year earlier, as recovering economies in Asia and a weaker US dollar boosted demand for the precious metal. Gold reached a record US$1,424.30 on Nov. 9.
“Despite gold prices reaching record highs, consumers in emerging markets have adjusted their price expectations,” said Eily Ong, an investment research manager at the Gold Council in London. “They want to lock in their wealth in an asset that has the preservation properties of gold. They’re very well aware of the value of gold as a jewelry piece and an investment product.”
Gold prices have rallied 22 percent this year in New York, heading for the 10th straight annual gain.
Jewelry demand rose 8 percent from 489.7 tonnes, the council said.
Overall demand from India rose 28 percent as consumers bought 184.5 tonnes for jewelry and 45 tonnes in bars and coins, or 30 percent of total world purchases, the report said. China’s demand rose 16 percent to 153.7 tonnes.
Gold supply rose 18 percent to 1,028 tonnes from 871 tonnes, the council said. Net purchases by central banks totaled 22 tonnes during the quarter.
“Central banks, like investors, are looking for a global asset,” Ong said.
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