Investment flows were key to the 13% rise in gold prices in the third quarter.
Global demand for gold in the third quarter of 2024 increased by about 5% and crossed the $100 billion mark for the first time. This was announced by the World Gold Council (WGC) on Wednesday, October 30.
It indicated that the increase in demand for gold to 1313 tons was facilitated by increased investment flows from the West, which helped offset the decline in demand from Asia.
Investment flows were key to gold’s 13% rise in the third quarter, with total demand for ETFs, bars and coins reaching its highest level since the war in Ukraine at 364 tonnes.
Central bank purchases also continued (186 tonnes in the third quarter) – Poland, Hungary and India were among the biggest buyers, although official activity slowed.
At the same time, the demand for jewelry in the last quarter decreased by 12% (459 tons).
Earlier on Wednesday it was learned that the price of gold crossed the level of $2,800 per ounce for the first time. The precious metal rose in price against the backdrop of the American presidential campaign and expectations of further cuts in interest rates in the United States.
Source: korrespondent
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