Global demand for gold slumped in the July-September period as bullion-backed exchange traded funds (ETFs) continued to suffer sizable outflows and Indian consumption was heavily dampened by government restrictions, the World Gold Council said.
The third quarter saw a 21 percent on-year contraction in gold demand to 869 tons, according to the WGC’s quarterly Global Demand Trends report published on Thursday.
Gold-backed ETFs saw net outflows of 119 tons during the quarter, as investors continued to scale back their exposure to the precious metal in anticipation of the Federal Reserve winding down its monetary stimulus.
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