In the third quarter of this year, the demand for gold climbed globally by 28% to 1181 tonnes as a result of better consumption and an increase in central banks.
And today, on Tuesday, the Gold Council reported that, following an 18% increase in the first nine months of 2022, global demand for gold had recovered to levels prior to the epidemic.
Since purchases were projected to have totaled 400 tonnes in the third quarter, central banks have continued to expand their holdings of gold by 115% on a quarterly basis.
At 124 tonnes, the investment demand for gold fell by 47% on an annual basis in the third quarter, reflecting low spirits among some investor sectors.
In the third quarter, investment in alloys and gold currency increased by 36% to 351 tonnes.
According to the data, the third quarter saw 227 tonnes of outflows from circulating investment money, despite pressure from the strengthening US dollar and high interest rates.
With consumers buying fewer devices as a result of the global economic recession, the demand for gold in the technology sector decreased by 8% in the third quarter.
In the third quarter, the overall supply of gold climbed by 1% annually to 1215 tonnes.
According to the research, investment demand varied depending on priorities, with individual investors purchasing gold as a store of value in the face of global inflation and investment funds trading down their holdings in the face of high global interest rates.
Despite the decline in the global economy, the demand for jewellery climbed globally by 10% on an annual basis in the third quarter to 523 tonnes.
The report made note of the fact that India was a major contributor to the global jewellery industry’s recovery in the third quarter and urged Indian customers living in metropolitan areas to resume their pre-pandemic levels of economic activity.
India’s rural customers were more cautious because their inflation was higher than that of their urban counterparts’, while China’s retail demand increased when the country’s closure rules were relaxed.
Retailers promoted gold’s appeal as a safe haven during a loss in the value of the local currency and the poor prices of local stocks, and jewellery buyers profited from the decline in gold prices while the closure limitations in China’s major cities were removed.
In the third quarter, the demand for gold increased by 28% globally to 1181 tonnes.
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