If copper prices remained around $2.90 per pound, that could make it economic for mothballed copper mines in British Columbia to restart.
- Jewellery: The sector delivered another quarter of solid year-on-year growth as consumers across the globe, encouraged by lower average prices, showed an increasing demand for higher carat pieces.
- Investment: Demand for bars and coins grew 6% to 304.2 tonnes, with growth mainly coming from Asia and the Middle East, including Turkey. Outflows from ETFs slowed to 119t.
- Technology: Q3 was another period of robust demand for gold in the Technology sector. Demand related to the use of gold in electronics has shown the most resilience, aided by demand for tablets and smart phones.
- Central Banks: Central banks continued to accumulate gold, albeit at a slower rate than the elevated levels seen in 2012. Year-to-date, global central bank gold reserves have increased by almost 300 tonnes.
- Supply: The supply of gold in the third quarter fell by 3% from the same period in 2012. A sharp contraction in the supply of gold from recycling accounted for the decline as mine production increased by 4%.