Gold jewelry sales fell 12% year-over-year in the third quarter, with consumers wary of the yellow metal’s soaring price, according to the World Gold Council’s latest Gold Demand Trends report.

After crossing the $2,700 mark less than two weeks ago, gold appears headed for yet another milestone: $2,800 an ounce. Its spot price at press time on Wednesday was $2,785 an ounce.

In its report, the World Gold Council (WGC) said gold jewelry sales dropped to their lowest third-quarter level since the COVID crisis in 2020. Nonetheless, sales increased 17% over 2024’s second quarter.

In the United States, gold demand declined 2% year-over-year and 14% from the second quarter, the WGC said. But it added, “Lean inventory levels bode well for restocking ahead of the seasonally strong fourth-quarter holiday season.”

The sole bright spot for gold jewelry demand was India, where a July cut in gold import duties led to India’s strongest third-quarter sales since 2015. On the other hand, the Chinese gold jewelry sector saw its weakest third quarter since 2010.

(Photo: Getty Images)

 

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