Gold investor sentiment rises for fourth consecutive month

Gold Investor Index hits highest level since July 2018

Gold demand among private investors grew in October, taking the Gold Investor Index of precious metals sentiment up to its highest level in 15 months.

Data from BullionVault – an online platform for physical gold trading – showed the Gold Investor Index edging 0.2 points higher to 56.2, its highest reading since July 2018, as gold priced in US dollars averaged a 1.1 per cent drop from September's 6.5-year high.

Since June the Gold Investor Index has now risen for four months in a row, a run not seen since the end of 2012.

Third quarter demand in gold grew modestly to 1,107.9t mainly due to the largest ETF inflows since Q1 2016.

However, the number of people adding or starting to buy investment gold was lower in October for the second month running, totalling 3.3 per cent fewer than September.

But the number of sellers fell much harder, down 26 per cent for the month and coming 45.6 per cent below August's number at the fewest since April.

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Over the last three months, gold prices averaged $1,501 per ounce, a rise of 24.6 per cent from the August-October period last year.

Technology demand for gold fell 4 per cent as economic challenges remained, with mine production unchanged, a price-related 10 per cent jump in gold recycling boosted gold supply by 4 per cent to 1,222t.

Silver also saw the number of buyers fall for the second month running in October, totalling 27.4 per cent fewer than September and down by almost one-third from August's near three-year high.

Additionally, jewellery demand was down 16 per cent to 460.9t in Q3 and bar and coin investment halved in Q3 to 150.3t.

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