GLOBAL demand for gold grew five per cent during July-September 2024 to 1,313 tonne, the highest in a third quarter, the World Gold Council (WGC) said in a report last Wednesday (30).
In contrast, demand last year was 1,249.6 tonne, according to the WGC’s Q3 2024 Gold Demand Trends report.
Global investment demand more than doubled year-on-year to 364 tonnes, driven by a shift in demand for gold ETFs (exchange-traded fund) primarily from western investors.
Globally, gold ETFs added 95 tonnes, marking the first positive quarter since the beginning of 2022’s first quarter.
Bar and coin demand fell nine per cent, but the year-to-date total remains strong at 859 tonnes, compared to the 10-year average of 774 tonnes, said the report.
Indian buyers of gold brushed off record high prices and made purchases for the Dhanteras and Diwali festivals last week, industry officials said.
Robust demand in the world’s second-biggest gold consumer could further support global prices, which hit record highs last month. Rising demand for imports of gold could also widen India’s trade deficit and put pressure on the rupee.
“People are still into gold big time, even with prices at record highs during Dhanteras. With gold giving better returns than the stock market, there’s been solid demand for coins and bars,” said Saurabh Gadgil, chairman of PNG Jewellers.
Indians celebrated Dhanteras last Tuesday (29), a day considered auspicious for buying gold and one of the busiest gold-buying days in India.
Local gold prices jumped to a record high of `78,919 (£721.3) per 10 grams last week, marking an increase of more than 31 per cent since last year’s Diwali.