The regional office of the World Gold Council in Dubai has issued its third report on gold demand in the Middle East, Gulf Region and worldwide for the third quarter of 2007.
Figures released by the World Gold Council showed global demand for gold reached a new record (in dollar terms) at $20.7bn, up 30% higher than Q3 of 2006.
The strong growth seen in the first six months of 2007 thus continued in the latest quarter but there was a shift in the pattern.
The figures, compiled independently for WGC by Gold Fields Mineral Services Limited (GFMS), showed that jewellery demand was also strong through the quarter, but was heavily impacted in key markets in September as steep rises in price deterred buyers.
Despite this, jewellery demand rose by 6% in tonnage terms over Q3 2007 and by 16% in dollar terms. Total demand reached 947.2 tons.
Net retail investment, in contrast, was relatively weak, as falling by 1% from year earlier levels, in tonnage terms to 102.7 tonnes and increased by 9% in dollar terms reaching $2.2bn, compared to Q3 2006.
Investment in Gold-Backed Exchange Traded Funds (ETFs), and institutional investors became much more active in Q3, at 138 tonnes, investment in ETFs and similar products were a quarterly record, beating even Q4 2004 (113.4 tonnes) when the largest ETFs was launched in New York.
Total identifiable demand in Q3 2007 was 19% higher than year earlier in tonnage terms; in dollar terms it rose 30% over the same period. Total identifiable investment reached 240.7 tons.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
