Total annual gold supply hits 1,147 tons in July-September, thanks to robust demand from central banks
Global gold demand was 8% above its five-year average in the third quarter of 2023, with central bank buying keeping a historic pace, the World Gold Council reported on Tuesday.
However, the figure was down 6% year-on-year to 1,147 tons in July-September, a Gold Demand Trends report said.
Central banks saw the third-strongest quarter of net gold buying with 337 tons. This brought year-to-date demand to a record high of 800 tons, a surge of 14% from a year earlier.
Investment demand surged 56% from last year to 157 tons in the three months to September.
Bar and coin investment declined 14% to 296 tons,due to sharp falling demand in Europe.
Gold exchange-traded fund (ETF) outflows fell to 139 tons in the third quarter of this year, down from 244 tons las year largely, driven by investor sentiment that interest rates will continue to stay high.
Jewelry demand eased 2% year-on-year to 516 tons amid continued gold price strength.
Total gold supply in the world rose 6% annually to 1,267 tons in the third quarter, with mine production reaching a year-to-date record of 2,744 tons.
Source: aa