Gold demand slides to 8-year low in Q3 2017 - WGC

According to the latest World Gold Council (WGC) report published on Thursday, the demand for gold dropped to lowest levels seen in eight years last quarter, in response to reduced demand for jewelry and bullion-backed ETFs, Reuters reports.

Key Points:

Overall demand fell 9 percent to 915 tonnes, it’s weakest since the third quarter of 2009.

The WGC forecasts an annual demand of just 3,900-4,000 tonnes, compared to 4,347 tonnes in 2016.

Its woth noting that gold demand has not been below 4,000 tonnes on an annual basis since 2009.

Indian demand to hold at around 650-750 tonnes, in line with a weak 2016. Chinese demand is seen at 850-950 tonnes.

 A rise in Turkish central bank buying also fed into a rise in overall official sector demand, though it was driven chiefly by Russia. Russian gold reserves are up by almost 164 tonnes in the year to date, two-thirds more than Turkey‘s.