The value of global gold demand jumped 35 percent year-on-year to exceed $100 billion for the first time ever in history in the third quarter, the World Gold Council said on Wednesday.

Global gold exchange-traded-fund inflows (95 metric tons) were a major driver of growth, WGC said, adding that the third quarter was the first positive quarter since the first quarter of 2022, with a year-on-year swing from hefty (-139 tons) outflows of the third quarter last year.

Global bar and coin investments (269 tons) were down 9 percent year-on-year, from a relatively strong third quarter last year. Much of the decline was specific to two or three key markets, counterbalanced by a very strong quarter in India, according to the WGC.

Gold jewelry consumption (459 tons) sank 12 percent year-on-year despite strong growth in India, said the WGC. It pointed out that although consumers bought reduced quantities, their spend on gold jewelry increased: the value of demand jumped 13 percent year-on-year to more than $36 billion.

The pace of central banks' buying (186 tons) slowed in the third quarter, but year-to-date buying is in line with 2022 and remains widespread, said the council.

AI continued to support the use of gold in technology (83 tons); which grew 7 percent year-on-year albeit from a fairly low base and an outlook which remains cautious, it said.

Gold prices continued to hit record highs this year. The average of benchmark LBMA (PM) gold price for the quarter was 28 percent higher year-on-year at a record $2,474 per ounce, according to WGC calculations.

Total gold supply grew by 5 percent year-on-year to a record 1,313 tons. Mine production grew 6 percent year-on-year to another quarterly record and year-to-date output has eclipsed the 2018 prior high.

Recycled gold volumes rose 11 percent year-on-year, however widespread distress selling is not yet in evidence, the council said.