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Global Gold Demand Down in Q3

According to the World Gold Council (WGC), global gold demand in the third quarter fell to its lowest level since the last quarter of 2020.

Demand from jewelers, central banks and retail investors buying gold bars and coins remains strong.

This is according to the latest quarterly report of the WGC. Total gold demand in the July-September period was 831 tons, compared to 894.4 tons in the same period last year and 1,084.9 tons in the third quarter of 2019.

In addition, some central banks have stopped buying gold. Indicates the continuing impact of the COVID-19 breakout.

Store closures and unemployment led to a decline in precious metals, especially in the Asian region.  But the prospect of economic damage has prompted major investors to buy gold as a safe haven.

It is expected that opportunities will arise for global banks to purchase gold on a continuous basis in Q4 2021. It is intended to be a tool to avoid risks from the uncertainty of the economic recovery after Covid-19 and the tendency of inflation to rise sharply.

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