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EU Gold demand advances 10 percent diring Q3: WGC

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NEW YORK (Scrap Register): European Gold demand was 51.1 tons during the third quarter of this year, up 10% year-on-year, according to the World Gold Council.

Germany, which accounts for more than half of the region’s bar and coin investment – was up 10% to 28.4t. In late September the euro-denominated gold price fell to a two-and-a-half year low of €32,638/kg.

Unlike the European-ETF market, concerns around Italian debt and its potential to spark a broader financial crisis, prompted safe-haven buying among retail investors.

Having been in the doldrums for several quarters, the US bar and coin market showed signs of life. 

Demand reached double-digits – 10.5t, up 74% y-o-y. Growth was largely fuelled by bargain hunting in June, when the gold price dropped from more than US$1,300/oz to close on US$1,250/oz.

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