Gold demand rose 6 percent in the third quarter from a year earlier as Europe’s debt crisis spurred investors to accumulate the metal as a protection of wealth and push prices to a record, the World Gold Council said. Global demand gained to 1,053.9 metric tons worth a record $57.7 billion, the London-based industry group said today in a report. Investor purchases of exchange-traded funds and products, bars and coins outpaced a drop in jewelry demand and increase in recycled supplies, the council said.
Gold climbed to a record $1,921.15 an ounce in London on Sept. 6 and is heading for an 11th consecutive annual increase. Holdings in bullion-backed ETPs yesterday were within 1 percent of the all-time high in August as concerns about Europe’s debt crisis and slowing economic growth boosted demand. European bar and coin demand topped that in India or China, the council said.Read More.