The continuing growth in demand from gold Exchange Trade Products helped gold reach record levels in the three months to September, offsetting a sharp slide in consumption and higher stocks from rising scrap availability and weakening demand from central banks.
The three months to September saw a major shift in the gold market, according to the latest outlook and market summary from Refinitiv (formerly part of Reuters).
Central bank purchases fell, moving to being net sellers for the first time in nearly a decade. Refinitiv estimated their net sales at just under 13 tonnes for the for the third quarter. That is forecast to continue into 2021.
That easing in buying from one of the most reliable sources of demand compounded a sharp slide in global consumption (especially from many consumers made nervy by COVID-19) thanks to the huge rise in gold prices in the quarter to record levels above $US2,000 […]
October 27, 2020 Published by StockMan