(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.
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