[miningmx.com] – GLOBAL gold demand fell 2.5% to 929.3 tons in the third quarter compared to the corresponding quarter of the previous calendar year, said Bloomberg News citing data published by the World Gold Council.
The decline was owing to declines in the buying of gold jewellery as well as bar and coins, although central bank purchases of gold, while slower year-on-year, increased for the fifteenth straight quarter.
“Many economies are improving, including the US and UK, and we’re seeing gold prices lower,’’ Alistair Hewitt, head of market intelligence at the council. He added that despite the quarterly fall in jewellery consumption, the council was “optimistic” about jewellery demand which would revive as gold’s price fell.
Demand for jewellery was at its lowest level in the third quarter since the last quarter of 2009, the World Gold Council said.
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