According to the "Global Gold Demand Trends Report" released by the World Gold Council on October 30th, influenced by factors such as a surge in over-the-counter (OTC) trading, global gold demand in the third quarter, including the OTC market and other sources, increased by 5% year-on-year to reach 1,313 tonnes, with the total value exceeding $100 billion for the first time, setting the strongest third-quarter demand record since this statistic was first compiled.

From the demand side, global gold jewelry consumption in the third quarter fell 12% year-on-year to 459 tonnes, while demand for gold in the technology sector increased by 7% year-on-year to 83 tonnes. In the Chinese market, gold jewelry demand rebounded 19% from the second quarter to 103 tonnes in the third quarter. However, suppressed by high gold prices, gold jewelry consumption fell 34% year-on-year, 36% below the average of the past decade.

Due to a surge in demand for gold ETFs among Western investors, global gold ETFs experienced a net inflow of 94.6 tonnes in the third quarter, lifting total holdings to 3,200 tonnes, marking the first quarterly positive growth since the first quarter of 2022. In the Chinese market, gold ETFs experienced an outflow of about 1 tonne in the third quarter, ending a streak of four consecutive quarters of inflows. However, in the first three quarters of this year, total holdings and total asset management scale of gold ETFs in the Chinese market surged by 49% and 91% respectively.

The report also showed that global central banks net-purchased 186 tonnes of gold in the third quarter, a year-on-year decrease of 49%. In the first three quarters of this year, the total net gold purchases by global central banks amounted to 694 tonnes, lower than the same period last year but equal to the same period in 2022.

From the supply side, the total global gold supply reached 1,313 tonnes in the third quarter, up 5% year-on-year. Among this, gold mine production was 989.8 tonnes, up 6% year-on-year, and the total amount of recycled gold was 323 tonnes, up 11% year-on-year.