The drivers of global gold demand are again confused, with bar and coin purchases falling but investment in exchange-traded funds soaring.
Statistics from the World Gold Council for the three months to September 30 show that gold demand was up 10 per cent on the June quarter to 1084.5 tonnes, but down 11 per cent on the previous corresponding period.
Even though central banks remained net buyers and EFT inflows were strong, demand in the category of bars and coins fell 16 per cent on the previous September quarter.The council, whose 23 members account for 60 per cent of the world's corporate gold output, said India remained the strongest performing market, with year-on-year growth of 7 per cent for jewellery and 12 per cent for bullion investment. India accounted for 30 per cent of global consumer demand, or 223.1t. Bullion was worth $US1714/oz last night, compared with $US1624/oz about a year ago.
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