In its latest World Demand Trends report, published today, the World Gold Council outlined an improving picture in Q3. Demand surged by 8% y/y during the quarter, as subdued prices encouraged buying by consumers and retail investors. Meanwhile, reduced spending and exploration is starting to take its toll on production, with output falling by 1% y/y. Overall the gold market looks a lot tighter than in the previous quarter. This should be supportive of price gains once the first US rate hike is out of the way.
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