Gold Demand Hits New Quarterly Record

Global gold demand leaped 44 percent during the third quarter to an all-time record of $146 billion, as the price per ounce climbed more than $500 from July through September and purchases topped 1,300 metric tons, the highest quarterly total in history.

Bar and coin demand  of 316 tons drove the increase, up 17 percent from the year-ago period, according to the World Gold Council (WGC). Purchases of gold bar, in particular, were very strong, up 19 percent at 237 tons.

China and India led the buying, with both regions posting 20 percent year-over-year gains. Buying in the U.S. and Canada was relatively soft during the quarter amid confusion over the question of whether tariffs would be imposed on gold bar imports. After the U.S. Customs and Border Protection indicated  tariffs would apply, President Trump declared on social media, “Gold will not be Tariffed!” Following the president’s announcement, buying picked up and accelerated through October, “which could bode well for a strong net Q4 figure,” according to the WGC.

Worldwide gold investment demand for the first nine months of the year is running well over double 2024’s pace in dollar terms. Gold’s explosive price increase, the WGC said, “attracted more investment flows, with investors spurred by FOMO (fear of missing out), clamoring to build gold positions and benefit from further gains.”

The average gold price in London was $3,456 an ounce during the quarter, up from $2,474 in the year-ago period.