World Gold Council: Gold Bar and Coin Demand Surged 18% in Q3

SEATTLE (Scrap Monster): The global bar and coin investment demand surged by 18% over the previous year to total 262 tonnes in third quarter of the year, said Gold Demand Trends Q3 Report published by the World Gold Council (WGC).

The gold bar investments surged 56% to 178 tonnes, whereas the demand for coins recorded 29% year-on-year decline to 59 tonnes. Also, the year-to-date bar and coin investment were almost on par with full year 2019 and 2020.

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The Chinese bar and coin demand in Q3 soared 12% over the previous year to 65 tonnes, primarily supported by subdued local gold prices. The investment demand for gold in the country is expected to remain robust in Q4 as well. Meantime, the pent-up demand and supportive local gold prices drove bar and coin investment demand in India by 27% to 43 tonnes. The Japanese demand totalled 2 tonnes during the quarter.

The demand in Turkey was down significantly by 80% from record highs in Q3 last year at 10 tonnes. The demand in Iran fell by 30% over the year to 8 tonnes.

According to WGC, the bar and coin investment demand in the U.S. surged 31% to 29 tonnes. Europe too recorded strong growth in demand by 22% to 58 tonnes.

Among ASEAN countries, Vietnamese retail investment halved. Also, demand registered notable decline in Malaysia and Singapore. Over the quarter, the demand in Thailand moved higher by 18%.