WGC: China decrease dents world gold demand

World gold demand slipped 11% year-on-year between July and September as demand in China dropped, South China Morning Post reported, citing a quarterly report by the World Gold Council. An 8% decrease in demand to 176.8 tonnes in China, the world’s second-largest gold market, partially offset a gain of 9% in India, the number one gold market, the council said. Demand for gold jewelry fell 2% year-on-year globally and 5% year-on-year in China, while Chinese demand for gold bars and coins decreased 12%. Investment by central banks into gold fell 31% year-on-year to 97.6 tonnes in the quarter. “There is some evidence that the economic situation is stabilizing in China and recovery is starting … if that’s true, we won’t see a repeat of this Chinese weakness in the fourth quarter,” said Marcus Grubb, WGC managing director of investment research.