World Gold Council or WGC stated in a latest quarterly update today that total gold supply grew by 5% y/y to a record 1,313 tonnes in September quarter. Mine production grew 6% y/y to another quarterly record and y-t-d output has eclipsed the 2018 prior high. Recycled gold volumes rose 11% y/y, but widespread distress selling is not yet in evidence. It noted that investment flows were key to gold's performance in Q3. Falling interest rates, geopolitical uncertainty, portfolio diversification and momentum buying were among the key drivers. The 2024 full year outlook for Gold is resurgent as professional flows combined with solid bar and coin investment will offset weaker consumer demand and slower central bank buying.

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