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BookmarkChina has kept its position as the world’s largest gold consumer, requiring 210 tonnes in the third quarter this year, said the World Gold Council on Thursday.
The figure is an 18% increase over the same period last year in the jewelry, bullion and coin sectors, said a report issued by the council.
China has increased its lead in gold demand over India, which has traditionally been the world’s biggest gold consumer.
In the July-September period, India’s gold consumption was 148.2 tonnes, a 32% year-on-year decrease.
Jewelry consumption remains the largest component of global gold demand with total consumption at 487 tonnes, an increase of 5% on Q3 last year.
The overall global demand was 869 tonnes, a 21% year-on-year decrease. However, demand remained strong across most countries and sectors, the report said.
Taking the year as a whole, the jewelry, bullion and coin sectors are showing year-to-date increases, while technology demand remains good.
Marcus Grubb, managing director with the investment department of the World Gold Council, said that consistent with the first two quarters, the global gold market remains resilient, underpinned by the continued shift in demand from West to East, strong demand in consumer categories and solid central bank and technology sectors.
For the 11th consecutive quarter, central banks were the net buyers of gold and they purchased 93 tonnes in the July-September period. Meanwhile, demand from the technology sector remained stable at 103 tonnes, said the council’s report.
The average gold price in the quarter was US$1,326 per ounce, a 20% year-on-year decrease.
The July-September period is traditionally a slower quarter for gold demand.
Grubb said, “The growth in jewelry, bullion and coins in particular, demonstrates the unique diversity of gold demand, as different sectors increase in prominence at different points in the global economic cycle.
“That is clear evidence of the ebb and flow of what is an extremely liquid market.”
