BEIJING, Nov. 9 (Xinhua) -- Global gold demand hit its lowest level in eight years in the third quarter due to weak demand for gold jewelry and stagnated inflows to gold-backed exchange traded funds, data from the World Gold Council (WGC) showed Thursday.
Global demand dropped 9 percent year on year to 915 tonnes in July-September, according to a WGC quarterly report.
In the third quarter, global demand for gold jewelry slipped 3 percent to 479 tonnes, with the Indian market being the major drag due to tax and regulatory changes.
Lifted by strong demand during traditional festivals, China's demand for gold jewelry rose 13 percent to 159.3 tonnes in the period, ending a downward trend for 10 consecutive quarters.
"China made the largest contribution to the growth of global gold bar and coin demand in the third quarter," said Wang Lixin, general manager of the WGC Greater China.
The data showed China's investment demand for gold surged 57 percent to 64.3 tonnes against the backdrop of a 28-percent drop in global gold investment.
Gold used in technology rose 2 percent to 84 tonnes, rising for four consecutive quarters on strong momentum in memory chip demand, the report showed.
