According to preliminary estimates by the World Gold Council, the global demand for gold for jewelry production in the third quarter fell by 15% to $ 20.75 billion, reports Rapaport.
Decrease in demand is mainly due to a drop in prices, as the demand for gold for jewelry rose by 5% to 486.7 tonnes, reaching the highest level for the third quarter since 2010. The weighted average price of gold in the third quarter was 20% lower than the corresponding figure a year earlier and was $ 1 326.30 per ounce.
The World Gold Council noted that since the beginning of the year to date, jewelry demand for gold in value terms has grown by 6% to $ 77.3 billion.
As a result of the reporting quarter, the aggregate global demand for gold fell by 37% to $ 37.04 billion, which is explained by the outflow of capital from the gold exchange index funds and a 65% drop in investment demand for gold.
The leader in the volume of jewelry demand for gold in the third quarter was China, where the production of 24-carat gold is gaining popularity, it accounted for 34% of the total global demand. Chinese jewelry demand for gold in value terms increased by 3% to $ 7.34 billion.