Gold Demand Tops $100 Billion as Western Investors Charge In – by Sybilla Gross (Bloomberg News – October 30, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Global gold demand swelled about 5% in the third quarter, setting a record for the period and lifting consumption above $100 billion for the first time, according to the World Gold Council.

The increase — which saw volumes climb to 1,313 tons — was underpinned by stronger investment flows from the West, including more high-net-worth individuals, that helped offset waning appetite from Asia, the industry-funded group said in a report on Wednesday. Buying in bullion-backed exchange-traded funds flipped to gains in the quarter after prolonged outflows.

Gold has stormed higher this year, rallying by more than a third and setting successive records. The jump has been driven by robust central-bank buying and increased demand from wealthy investors, with recent gains aided by the Federal Reserve’s shift to cutting interest rates.

For the rest of this article: https://www.bnnbloomberg.ca/business/international/2024/10/30/world-gold-demand-tops-100-billion-as-western-investors-pile-in/