Central banks, ETFs drive Q1 gold demand

The following is an edited summary from the World Gold Council, based on its “Gold Demand Trends Full Year and Q4 2018” report. To access the report, visit www.gold.org. Global gold demand grew to 1,053 tonnes in the first quarter of 2019, up 7% on the same period last year, according to the World Gold Council’s latest Gold Demand Trends report. This year-on-year increase largely owed to growth in central bank buying, as well as growth in gold-backed exchange-traded funds (ETFs). Central banks bought 145.5 tonnes gold in the first quarter, up 68% on the same period in 2018, and representing the strongest start to a year since 2013. Diversification and a desire for safe, liquid assets were again the main drivers of the purchases. On a rolling four-quarter basis, gold buying reached a record high for our series of 716 tonnes. Continue reading at The Northern Miner.