November 5, 2019 / 12:04 AM / 18 days ago

Higher prices cool Asian demand for gold - GFMS

    LONDON, Nov 5 (Reuters) - Demand for gold jewellery, bars
and coins fell sharply in the third quarter while investment in
gold-backed exchange traded funds (ETFs) rocketed, an industry
report said on Tuesday. 
    Holdings of gold by ETFs jumped by 247 tonnes over
July-September, the report compiled by consultants at Refinitiv
GFMS said, helping push prices to six-year peaks above
$1,500 an ounce. 
    But higher prices dampened demand from retail buyers.   
Purchases of gold bars in Asia fell by one-third year-on-year,
pushing overall third quarter demand down 23% to 146 tonnes,
according to Refinitiv GFMS.  
    For jewellery, meanwhile, a 60% fall in Indian consumption
dragged global jewellery fabrication down 26% to 392 tonnes, it
said.  
    Central banks and other official sector institutions bought
119 tonnes over July-September, taking net purchases for the
first nine months to more than 470 tonnes, it added.   
    
    GOLD DEMAND (T)*
                             Q3 2019   Q3 2018   % change
 Jewellery Consumption          317.1     442.1      -28%
 Jewellery Fabrication          391.9     532.6      -26%
 Industrial Fabrication          93.9      98.4       -5%
 Net Official Sector            119.1     185.0      -36%
 Retail Investment              203.0     269.3      -25%
 …of which Bars                 145.9     188.7      -23%
 …of which Coins                 57.1      80.6      -29%
 Physical Demand                808.0   1,085.3      -26%
 ETF Inventory Build            247.3    -100.4          
 Exchange Inventory Build        14.2      -7.5          
    * Refinitiv, GFMS Gold Survey Q3 2019
    

 (Reporting by Peter Hobson; Editing by Emelia Sithole-Matarise)
  
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