The World Gold Council published data on Gold demand in the third quarter this week.
Taking into account over-the-counter transactions, demand rose by 5% year-on-year, reaching a record level for a third quarter. The increase in demand was mainly driven by Gold ETFs, which recorded inflows for the first time in 10 quarters. As a result, investment demand more than doubled in comparison to the same quarter last year, although purchases of bars and coins were lower.
” “ETFs should see further inflows due to the expected interest rate cuts, high fiscal deficits and the highly valued stock markets. However, investment demand in the fourth quarter could be heavily influenced by the outcome of the US elections. The central bank's Gold purchases are likely to be strong again this year, but not at the levels seen in the previous two years.
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