Baku – APA-Economics. World gold demand fell 11% on the year in the third quarter, driven by a sharp drop in investor appetite for gold coins and bars and lower consumption in China, the World Gold Council said Thursday.
Third-quarter gold demand totaled 1,084.6 metric tons, down from record levels of 1,223.5 tons in the same period of 2011, the industry body said in its latest Gold Demand Trends report. In dollar terms this equated to $57.6 billion, down 14% from the third quarter of 2011.
The most significant factor in the drop in demand was a fall of 16% in investment demand for gold to 429.9 tons, said the WGC. This was driven by a steep drop in demand for gold bars and coins, which fell 30% to 293.9 tons.
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