Last Updated : 15 November 2012 at 13:30 IST
Global Gold demand down 11% Y-o-Y in Q3, 2012, ETF inflows up 56%: WGC
Source :Commodity Online
Gold demand remains resilient. Q3 2012 was above the five year quarterly average of 984.7t. In value terms gold demand was 14.0% lower year on year at $57.6bn and the average gold price of $1,652/oz was down 3% on the record average Q3 2011 price.
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LONDON (Commodity Online): Global gold demand has fallen 11% in third quarter of 2012 at 1,084.6 tons down from the record figure of 1, 223.5 tons in Q3 2011, according to World Gold Council (WGC). In its latest Gold Demand Trends Report, WGC said that despite the fall in demand on an annual basis, global ETF investments have risen significantly by 56% over previous year.
Gold demand remains resilient. Q3 2012 was above the five year quarterly average of 984.7t. In value terms gold demand was 14.0% lower year on year at $57.6bn and the average gold price of $1,652/oz was down 3% on the record average Q3 2011 price.
Marcus Grubb, Managing Director, Investment at the World Gold Council said: “Gold is beginning to re-establish itself as part of the fabric of the financial system. In the medium term, the quantitative easing initiatives in the West and the continuing growth story in the East, particularly in India and China, coupled with the seasonally strong quarter coming up in Asia, are excellent indicators for further growth in the gold market.
“Against a backdrop of continued global economic uncertainty and elections in China and the US, it is clear from five year rising demand trends that gold's fundamental property as a vehicle for capital preservation continues to endure, as evidenced by this quarter's increase in global ETF investment, up 56% and continued purchasing by central banks, the ultimate long term investors.”
