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RAPAPORT... Global gold demand for jewelry by value fell 15 percent year on year to $20.75 billion in the third quarter that ended on September 30, according to provisional calculations by the World Gold Council. The decrease was price related since gold demand for jewelry by weight increased 5 percent to 486.7 tonnes, reaching the highest level to be achieve for the third quarter since 2010. The average weighted price of gold for the third quarter fell 20 percent year on year to $1,326.30 per ounce. The World Gold Council noted, however, that year-to-date gold jewelry demand is up 6 percent by value to $77.3 billion. Overall, gold demand fell 37 percent to $37.04 billion, primarily due to outflows from exchange-traded funds (ETF) and a 65 percent drop in investment demand. China's consumers generated the highest demand for gold jewelry by weight, accounting for 34 percent of global demand, as 24-karat gold (chuk kam) jewelry became extremely popular, according to the Council. Greater China's gold jewelry demand rose 3 percent by value to $7.34 billion during the third quarter. Demand for gold in India fell 23 percent by weight, mostly due to import restrictions. However, the World Gold Council reported that year-to-date demand for gold is up 13 percent. Nonetheless, by value, India's demand for gold jewelry fell 38 percent year on year to $4.47 billion. Gold jewelry demand in the Middle East, meanwhile, fell 12 percent to $1.65 billion and U.S. demand slipped 8 percent to $1.5 billion.
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