The post Investor interest drove Gold demand to record highs in the third quarter – Commerzbank appeared on BitcoinEthereumNews.com. Although the price of Gold fell by almost USD 500 for a time from its record high on Monday October 20th, its reputation as a safe haven is unlikely to be tarnished in the long term. Ultimately, this merely offset the gains made in October. New figures from the World Gold Council for the third quarter also show how strong investor interest in the yellow precious metal is, Commerzbank’s commodity analyst Barbara Lambrecht notes. Central banks boost Gold buying by 28% quarter-on-quarter “High ETF inflows of 222 tons and purchases of bars and coins of more than 300 tons in particular pushed Gold demand to a new record high in the third quarter, when the residual category ‘OTC and Others’ is taken into account. Due to the favorable investment environment, the WGC expects investor interest to remain high. The question mark that Fed Chairman Powell raised with his comments at the press conference following Wednesday’s Federal Reserve meeting regarding the previously expected interest rate cut in December is unlikely to change the environment in the long term.” “The WGC also reported high Gold purchases by central banks and other institutions in the third quarter, amounting to 220 tons. This was 28% more than in the previous quarter and 10% more than in the previous year. Two-thirds of the purchases were unreported, meaning they could not be attributed to any individual central bank. For the year as a whole, the WGC expects central bank Gold purchases to total between 750 and 900 tons. Although this would be less than in the last three years, it would still be more than in any year prior to 2022.” “High prices continue to have a dampening effect on jewelry demand. Although it rose slightly compared to the previous quarter, it remains below the previous… The post Investor interest drove Gold demand to record highs in the third quarter – Commerzbank appeared on BitcoinEthereumNews.com. Although the price of Gold fell by almost USD 500 for a time from its record high on Monday October 20th, its reputation as a safe haven is unlikely to be tarnished in the long term. Ultimately, this merely offset the gains made in October. New figures from the World Gold Council for the third quarter also show how strong investor interest in the yellow precious metal is, Commerzbank’s commodity analyst Barbara Lambrecht notes. Central banks boost Gold buying by 28% quarter-on-quarter “High ETF inflows of 222 tons and purchases of bars and coins of more than 300 tons in particular pushed Gold demand to a new record high in the third quarter, when the residual category ‘OTC and Others’ is taken into account. Due to the favorable investment environment, the WGC expects investor interest to remain high. The question mark that Fed Chairman Powell raised with his comments at the press conference following Wednesday’s Federal Reserve meeting regarding the previously expected interest rate cut in December is unlikely to change the environment in the long term.” “The WGC also reported high Gold purchases by central banks and other institutions in the third quarter, amounting to 220 tons. This was 28% more than in the previous quarter and 10% more than in the previous year. Two-thirds of the purchases were unreported, meaning they could not be attributed to any individual central bank. For the year as a whole, the WGC expects central bank Gold purchases to total between 750 and 900 tons. Although this would be less than in the last three years, it would still be more than in any year prior to 2022.” “High prices continue to have a dampening effect on jewelry demand. Although it rose slightly compared to the previous quarter, it remains below the previous…