Global gold demand in Q3 2015 was higher by 8 per cent at 1,121 tonnes (t),compared to the same period last year, according to the World Gold Council's Gold Demand Trends report.

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In the first half, a number of factors, including ETF outflows, contributed to a price dip which buoyed consumer demand around the world.

A shift in tactical investor positions in the latter part of the quarter led to modest ETF inflows in August and September, which helped to push prices back up, said the report.

Global investment demand saw a significant increase this quarter, up 27% to 230t. Bar and coin purchases were up by a third on Q3 2014 with Western markets in particular showing a surge, the report said.

Overall jewellery demand for Q3 2015 was 632t compared to 594t in Q3 2014, up 6% year-on-year. Consumers in India, China, the US and the Middle East took advantage of lower prices in July and August.

A 15 percent increase in jewellery demand to 211t over the period was largely due to festival purchases.

Central banks remained a significant source of demand, and were net buyers for the 19th consecutive quarter.

"China and India remain the dominant figures in the global gold market, accounting for close to 45% of total demand. But what was particularly noticeable this quarter is that the consumer response to the price dip was a truly global occurance, Alistair Hewitt, Head of Market Intelligence at the World Gold Council, said.

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