Commodities
Gold Demand Tops $100 Billion as Western Investors Charge In
- Volume sets record for third quarter as rally builds, WGC says
- Shallow price pullbacks show ‘keen indication of FOMO buying’
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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.