Q3 gold demand is noticeably higher

World Gold Council reports that global gold demand in the third quarter of this year climbed by 8% year-on-year to 1,121 tons, its highest level since the second quarter of 2013. 

Gold in euro terms slid to 5-week low, falling below 1010 Euros per troy ounce, due to slightly weaker USD. But the metal is trading virtually unchanged at $1090 per troy ounce.

According to the WGC, this was due to low prices generating growing interest in coins, bars and jewellery. The conflict between Russia and Ukraine also contributed to the increased purchases, however, as did the Greek debt crisis. 

Gold demand in China and India, the two largest consumer countries, increased by 13% in each to 240 and 268 tons respectively. According to the WGC, purchases were being brought forward in India that would normally be made around the festivals of Dhanteras and Diwali in November, notes Commerzbank.