Moreover, the recent plunge and ongoing volatility in the Chinese equities market may also add to increased safe-haven demand from investors.

“Sharp falls in Chinese stock markets have shaken the largely consumer investment base and we are seeing early indications of interest in buying gold again – all illustrating the unique self balancing nature of gold demand and the diverse drivers which underpin it,” Hewitt added.

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For more information on the bullion market, visit our gold category.

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own shares of GLD.