The World Gold Council’s Gold Demand Trends Q3 Report has revealed that Central bank demand so far this year has reached a new record of 800 tonnes. The historic pace has been driven by economic conditions and gold’s safe haven status. 

Investment demand over the quarter stood at 157 tonnes, a 56% increase on Q3 2022. Gold ETFs saw continued outflows, but at a slower rate compared to Q3 2022, representing healthier, yet mixed investment demand for the quarter.

Bar and coin investment overall still remained firmly above the five-year quarterly average, which the report said was due to some stock building by high net worth individuals, especially in Turkey, where inflation is high and the currency is very weak.