Global Gold Demand Reflects Challenging Global Economic Climate: ETFs up 56% and India up 9% in Q3 2012

Global Gold Demand Reflects Challenging Global Economic Climate: ETFs up 56% and India up 9% in Q3 2012 PR Newswire LONDON, November 15, 2012 LONDON, November 15, 2012 /PRNewswire/ -- Global gold demand in Q3 2012 was 1,084.6 tonnes (t), down 11% from the record Q3 2011 figure of 1,223.5t. This dip in demand is in comparison with exceptional demand in Q3 last year. Gold demand remains resilient. Q3 2012 was above the five year quarterly average of 984.7t, according to the World Gold Council's Gold Demand Trends Report. In value terms gold demand was 14.0% lower year on year at $57.6bn and the average gold price of $1,652/oz was down 3% on the record average Q3 2011 price. The key findings from the report are as follows: Global investment in ETFs over the quarter was up significantly by 56% on the previous year. The Indian market is showing signs of recovery, up 9% to 223.1t from 204.8t in Q3 2011 following increases in both jewellery and investment demand. In comparison with Q3 2011 jewellery demand was up 7% to 136.1t and investment demand rose by 12% to 87.0t. Investors moved into the imitation coin market*, up 59%, whilst jewellery increased due to re-stocking ahead of the Indian wedding and festival season. Indians appear to have acclimatised to recent price trends and have been buying into a rising market. In China demand fell 8% to 176.8t in Q3 2012 from 191.