Chinese gold consumption down 8% in Q3

Global gold demand fell in the third quarter of the year on the heels of a slowing Chinese economy and waning investor appetite for gold products, according to a report issued on Thursday by the World Gold Council.

Global gold demand fell to 1,084.6 tonnes in the third quarter, down from 1,223.5 tonnes during the same period last year, dampened mainly by waning Chinese consumption enthusiasm amid the country's slowing economy.

Chinese gold consumption dropped 8 percent to 176.8 tonnes in the July-September period. The country's bar and coin investment slid 12 percent to 53 tonnes, the report said.

Data show that China's economy grew 7.4 percent in the July-September

quarter, marking the slowest pace of growth since the first quarter of 2009 as the global financial crisis raged.

The council said there have been signs of a rebound in gold investment demand, as gold prices gained traction during the last few weeks of the third quarter.

China's demand will likely pick up in the fourth quarter as the traditional gift-giving season approaches, according to Zheng Lianghao, the council's far east regional manager.