Global gold demand touches two-year peak, says WGC
November 12, 2015 8:17 am
Global gold demand reached its highest in over two years in the third quarter, as lower price in July bolstered purchasing of bars and coins, and jewellery.
According to the World Gold Council, overall demand touched 1,121 tonnes in the previous quarter, up 8% year-on-year to its highest since the second quarter of 2013. But the organization said higher outflows from bullion-backed exchange traded funds tempered its increase.
Bar and coin buying more than tripled in the United States to a five-year peak of 32.7 tonnes. It also climbed 35% in Europe and 70% in China.
The price slump indicated a buying opportunity for people to get “into the market and increase their gold exposure,” said Alistair Hewitt, the council’s Market Intelligence Manager.
WGC added European demand also increased on concerns Greece’s financial situation and the region’s geopolitical tensions.
The material has been provided by InstaForex Company – www.instaforex.com
Global gold demand reached its highest in over two years in the third quarter, as lower price in July bolstered purchasing of bars and coins, and jewellery.
According to the World Gold Council, overall demand touched 1,121 tonnes in the previous quarter, up 8% year-on-year to its highest since the second quarter of 2013. But the organization said higher outflows from bullion-backed exchange traded funds tempered its increase.
Bar and coin buying more than tripled in the United States to a five-year peak of 32.7 tonnes. It also climbed 35% in Europe and 70% in China.
The price slump indicated a buying opportunity for people to get “into the market and increase their gold exposure,” said Alistair Hewitt, the council’s Market Intelligence Manager.
WGC added European demand also increased on concerns Greece’s financial situation and the region’s geopolitical tensions.
The material has been provided by InstaForex Company – www.instaforex.com
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