Global gold demand reached an all-time high in the third quarter of this year, with both volume and value setting new records, according to a report released on Thursday by the World Gold Council.
Total gold demand rose 3 percent year on year to 1,313 tons during the July-September period, while the value of demand surged 44 percent to 146 billion U.S. dollars -- the highest ever recorded for a single quarter, the report showed.
It also said that in the first nine months of the year, total gold demand rose 1 percent to 3,717 tons, valued at 384 billion U.S. dollars, representing a 41 percent year-on-year increase in value.
Specifically, investment demand continued to lead the market, with global gold investment jumping 47 percent to 537 tons in the third quarter, accounting for 55 percent of total net demand, according to the report.
It added that gold ETFs were a major highlight, with global holdings up by 222 tons.
Physical gold investment also remained strong as bar and coin demand exceeded 300 tons for the fourth consecutive quarter.
The overall surge was driven by gold prices repeatedly reaching record highs.
COMEX gold futures rose from 3,307.7 U.S. dollars per ounce at the end of June to 3,873.2 U.S. dollars by the end of September, a 17.1 percent increase. The rally continued into October, with prices breaching 4,000 U.S. dollars and reaching an all-time high of 4,392 U.S. dollars on October 20.
Despite high prices, central banks continued to buy gold, with net purchases totaling 220 tons in the third quarter -- up 28 percent from the previous quarter and 10 percent higher year over year, according to the report.
In contrast, global jewelry demand fell to 371 tons, though the sector showed resilience in value terms, with jewelry consumption rising 13 percent to 41 billion U.S. dollars, the report showed.
A senior market analyst at the World Gold Council attributed the strong investment demand to heightened geopolitical tensions, persistent inflationary pressures, and global trade policy uncertainties.
Factors such as a weaker U.S. dollar, expectations of U.S. Federal Reserve rate cuts, and stagflation risks are expected to further support gold investment demand in the coming months.
Global gold demand hits record high in Q3, driven by surging investment
Global gold demand hits record high in Q3, driven by surging investment
Global gold demand hits record high in Q3, driven by surging investment
A solar-powered borehole drilling program supported by China has expanded water access across Zimbabwe's rural and peri-urban communities, strengthening disaster recovery and sustaining livelihoods since Cyclone Idai struck in 2019.
Tropical Cyclone Idai entered Zimbabwe from neighboring Mozambique, triggering floods and causing tragic losses of life and property.
Launched under a Chinese government initiative to restore water and sanitation services after cyclones and drought, the program has delivered lasting benefits.
At Mahusekwa Growth Point, where boreholes were drilled last year, reliable water now sustains dozens of small businesses and households, underscoring how the intervention continues to shape community resilience seven years on.
"We now have clean water to wash our products and for customers to wash their hands before they eat. We also fetch water to use at our homes because there is an intermittent supply," said Cynthia Garan'nga, a market vendor.
Reliable water access has also created employment opportunities, especially for young entrepreneurs such as car wash owner Loveness Marabwanya.
"Maybe I was going to get people to fetch water for me from the river, but it's very far and I was going to pay more for that. To imagine that the water is just like a few meters away, it's very easy and convenient for me," she said.
The borehole is solar powered, which means the community can access water at any hour of the day, and that refers to greater reliability and sustainability. There are no longer any limitations of fuel costs or power cuts.
Mahusekwa is one of more than 300 communities nationwide benefiting from boreholes drilled under Chinese disaster assistance. Around 60 of them are in Mashonaland East, where water shortages had long slowed development and undermined food security.
"These boreholes came at the right time. Remember the last two or three years we have been having droughts," said Jeremiah Gwanzura, chairperson of Marondera Rural District Council.
Gwanzura says the availability of water is sustaining livelihoods and boosting production, even during prolonged dry spells.
"We have livelihoods in terms of livestock cattle, people are doing boilers behind the scenes, road runners, goats, piggery projects within the rural set-up, and if there is the missing link of water, it means we are going nowhere. Some of the areas in the rural areas are using it for nutritional gardens, going to the market, so they will be watering their vegetables, they will be watering their plants," he said.
At a national level, authorities say the boreholes reflect a shift from emergency response to long-term resilience.
"In any disaster recovery programme, what we always talk about is building-back better. And I'm sure this principle of building-back better, you can actually see it in the way that we are establishing these boreholes in Chimanimani, Masvingo, Midlands and Mashonaland East," said Nathan Nkomo, chief director of the Civil Protection Department.
Beyond water access, China has also supported food security through agricultural training, helping communities rebuild stronger and more sustainably in the years since Cyclone Idai.
China-supported borehole program expands water access, strengthens Zimbabwe's disaster recovery
