Global gold demand reaches Q2 record

From Mining.com

The latest publication by the World Gold Council showed global demand for the precious metal increased 4% year-on-year to 1,258 tonnes in the second quarter, the highest ever of any Q2 on record.

Total increased demand, says the Council, was supported by healthy over-the-counter (OTC) transactions, which were up a notable 53% year-on-year at 329 tonnes.

Central banks and official institutions also increased global gold holdings by 183 tonnes, a slower rate than the previous quarter but still reflecting a 6% increase year-on-year.

The surge in OTC demand and continued buying from central banks, plus a slowdown in ETF outflows, helped drive gold prices to a record $2,427/oz. during the quarter. Gold averaged $2,338/oz. for the three-month period, 18% higher year-on-year.