Mirian Gom 
ABUJA, Nigeria – Global demand for gold surged to a record high in the third quarter of the year as rising geopolitical tensions drove investors toward the precious metal as a safe-haven asset, according to new data released by the World Gold Council (WGC) on Thursday.
The WGC reported that total demand reached 1,313 tonnes between July and September, representing a three percent increase compared to the same period last year — the highest quarterly demand since the Council began tracking data more than two decades ago.
Analysts say ongoing global conflicts, including Russia’s invasion of Ukraine and the Israel-Gaza war, have intensified market uncertainty. “Regional conflicts and growing trade tensions are creating an atmosphere of heightened uncertainty,” WGC analyst Louise Street told AFP. “This continues to support strong investor appetite for gold.”
Central banks led the surge in purchases, coinciding with the metal reaching multiple record price highs this year. Gold demand by value rose 44 percent year-on-year to an unprecedented $146 billion in the third quarter.
However, after peaking at $4,381.52 per ounce in October, gold prices have retreated due to profit-taking, settling near $4,000 per ounce. Street described the pullback as “a healthy correction” that reduces speculative pressure.
While investment and central bank demand strengthened, high prices weakened consumer jewellery purchases. Jewellery demand fell 23 percent to 419.2 tonnes, marking the lowest third-quarter level since 2020 at the height of the COVID-19 pandemic.
Exchange-Traded Funds (ETFs) also saw strong inflows as investors sought indirect exposure without entering futures markets.
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Chukwu Obinna 
