Third quarter gold demand fell 10% to 992.8 tonnes (t). While this was the lowest quarter since Q2 2015, year-to-date demand is up 7%. Many of the themes present in H1 continued into Q3: Political and economic uncertainty continued to fuel ETF inflows, especially in Europe, while the sharp year-to-date price rise (+20%) continues to squeeze consumer demand, especially in Asian markets.
- ETPs excel: ETPs were the only area of growth with inflows of 145.6t. Investors in Europe, faced with a busy, and potentially disruptive, political agenda in 2017, led demand in the sector. investors added significantly to their strategic holdings (+145.6t), although at a slightly slower pace than in H1. Year-to-date inflows total 651t.