leadf
logo-loader

Gold flat but demand is picking up says World Gold Council

Russia was again the largest single buyer, with 77t of gold added to its reserves.

gold_bars,_sized_5644b495dd31d.png
Today gold nudged US$4 lower to US$1,082

Gold was flat again today despite data from the World Gold Council showing demand rose in the third quarter.

Overall, demand rose 8% in the period, with demand from investors leading the way, up 27% from the previous year.

Bar and coin demand shot up to 295.7 tonnes (t) for the period, the highest level for nearly two years.

This was a third above the rather weak third quarter demand seen last year and 46% up on the previous quarter.

Similarly, demand for gold jewellery accelerated during what is traditionally a slow time of year for jewellery sales.

Jewellery demand rose 6% year on year, the strongest third quarter since the financial crisis, with the biggest increase coming from India.

“Having trudged a little wearily through the first six months of the year, the gold market started the third quarter with a jolt,” the council said.

Central bank buying remains strong, the council said, with banks accumulating “an impressive 175.0t of gold in the third quarter, the second highest quarter of net purchases on record.”

Russia was again the largest single buyer, with 77t of gold added to its reserves.

Today gold nudged US$4 lower to US$1,082 while silver was 1.1% higher to US$14.42 and platinum eased another US$3 to US$878.

 

Major Movers

Randgold Resources down 12p to 3,933p

Fresnillo down 13p to 675p

Anglo American down 40p to 450p

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Clarity Gold Corp focus turns to Quebec with the acquisition of the Destiny...

Clarity Gold Corp (CSE: CLAR- OTC: CLGCF) CEO James Rogers joined Steve Darling from Proactive with news the company has made a major acquisition in the Quebec region picking a very interesting project called Destiny. Rogers talked about what they liked about the project and some of the work...

3 hours, 17 minutes ago

2 min read