World Bulletin / News Desk
Global demand for gold fell to its lowest level in eight years, the World Gold Council said Thursday.
Demand dropped 9 percent to 915 tonnes in the third quarter, the lowest since the third quarter of 2009, as jewellery buying fell and inflows into bullion-backed exchange traded funds (EFT) slowed sharply.
ETF inflows crashed by 87 percent to 18.9 tonnes in the quarter when compared to same period last year.
Gold-backed ETFs allow investment in gold without physical ownership.
Demand in the jewellery sector totalled 478.7 tonnes, marking a 3 percent annual decrease, the council said.
Central banks' official gold reserves rose 25 percent year-on-year to 111 tonnes, while bar and coin investments increased by 17 percent to 222.3 tonnes.
Global gold demand was 800.3 tonnes in third quarter of 2009.
Alistair Hewitt, head of Market Intelligence at the council, said it had been a “tough quarter for gold demand.”
He highlighted increased buying by the Turkish and Russian central banks, increased gold use in technology and growing retail investment demand in China as “bright spots”.
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