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.