The price for the yellow metal has crossed the level at $1,341.
Gold demand goes down to eight-year minimum in the third quarter of 2017
Gold demand slumped to its lowest value for eight years during the last quarter. It’s because jewelry buying edged down, while inflows into bullion-backed exchange traded funds dipped too, as data from the World Gold Council revealed on Thursday.
Overall demand sank 9% hitting 915 tons. It appears to be the weakest outcome since the third quarter of 2009, as the WGC informed.
The given pattern will probably feed through to the whole year, with the WGC predicting annual demand of about 3,900-4,000 tons, versus 4,347 tons last year. By the way, on an annual basis gold demand hasn’t stood below 4,000 tons since 2009.
India that along with China appears to be the world’s number one gold consumer, faced quite soft gold demand because of the introduction of the fresh goods as well as services tax from the beginning of July, as the WGC stressed. It generated a lot of purchases.
The WGC actually expects Indian demand to keep to approximately 650-750 tons, which is in line with a dismal 2016. As for Chinese demand, it will most likely show 850-950 tons.
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