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In the autumn edition of Gold Investor, Mohamed El-Erian, chief economist at global insurer Allianz and former CEO of PIMCO assesses the challenges faced by the global investment community and the contribution that gold can make within investment portfolios. 

Following a remarkable performance year-to-date, the gold price fell by over 3% on 4 October, taking it below US$1,300/oz for the first time since the Brexit announcement in June 2016.

Continued growth in Q2 2016 (+15%) brought total H1 gold demand to 2,335t – the second highest first half on record.

Gold demand reached 1,290 tonnes Q1 2016, a 21% increase year-on-year, making it the second largest quarter on record.

Alistair Hewitt, Head of Market Intelligence and Krishan Gopaul discuss the findings of the World Gold Council’s Q3 2015 Gold Demand Trends report.

Third quarter gold demand rose by 8% year-on-year, reaching a two-year high of 1,120.9 tonnes. Q3 2015 was a period of two distinct halves: ETF outflows contributed to a price dip in July, which boosted consumer demand around the world.

Alistair Hewitt, Head of Market Intelligence is interviewed on the findings of the World Gold Council’s Q2 2015 Gold Demand Trends report.

Alistair Hewitt, Head of Market Intelligence is interviewed on the findings of the World Gold Council’s Q1 2015 Gold Demand Trends report

The contrast between the global picture and the more granular demand data clearly demonstrates the multi-faceted nature of the gold market. The numerous and varying roles that gold plays means it responds to different cues in different ways.