Despite the impact of high gold prices, seasonal factors have buoyed a quarter-on-quarter resurgence in gold jewelry demand within the Chinese market from July to September, the World Gold Council said on Wednesday.
The council anticipates a possible rebound in gold jewelry demand throughout the fourth quarter.
Data from the WGC revealed a 19 percent quarterly growth in gold jewelry demand in the Chinese market during the third quarter. However, owing to the combined effects of elevated gold prices and economic conditions, gold jewelry consumption dropped by 34 percent compared to the same period last year, marking a 36 percent dip from the 10-year average level.
In the first nine months, total gold jewelry demand in China amounted to 373 metric tons, reflecting a 23 percent decrease from the corresponding period in the previous year.
During the third quarter, the Chinese gold exchange-traded fund (ETF) market experienced an outflow of approximately 520 million yuan ($73 million), equivalent to 1 metric ton of gold. Yet, over the initial three quarters, the aggregate holdings and assets under management of gold ETFs in the Chinese market surged by 49 percent and 91 percent respectively.
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