Precious Metals

Central banks add to gold reserves

Gold coin investment demand has been on the rise in recent months in specific areas around the world.

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The World Gold Council reports that global demand for gold reached 964.3 metric tons during the third quarter of 2018, 6.2 metric tonnes higher than the same period in 2017.

Stronger gold buying was exercised by central banks adding to their national reserves. A 13 percent rise in consumer demand for the yellow precious metal helped offset large selloffs of gold from exchange-traded funds, according to the WGC.

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Central bank buying witnessed demand climb 22 precent from the same quarter in 2017 to 148.4 metric tonnes, “the highest level of quarterly net purchases since 2015,” according to the WGC.

The WGC indicates demand for gold bars and gold during the third quarter of 2018 reached 195 metric tonnes, compared with 246 metric tonnes in the third quarter of 2017.

Global jewelry demand increased by 6 percent to 536 metric tonnes, from 506 metric tonnes in the same period in 2017.

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