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LONDON, Oct 30 — Global gold demand surged to a record 1,313 tonnes in the third quarter, a 3 per cent year-on-year rise, according to the World Gold Council (WGC).
The precious metal’s price hit all-time highs amid geopolitical tensions, including the Russia-Ukraine and Israel-Gaza conflicts, as investors sought safety. Gold demand by value climbed 44 per cent to US$146 billion, marking the highest level since WGC began tracking data 25 years ago.
Central bank purchases and Exchange-Traded Fund inflows supported demand, while jewellery consumption dropped 23 per cent due to high prices.
Analysts said the recent price correction to around US$4,000 per ounce reflects a healthy market adjustment.
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