Soaring gold prices have pushed out some of the biggest buyers.
Jewelry demand plunged 21 percent in the third quarter, taking the year-to-date total to the lowest level since 2009, according to a report from the World Gold Council. Central banks bought almost half as much gold as a year earlier.
"The jewelry market is a price taker, and given how much prices have increased, many chose to sit on the sidelines," said Alistair Hewitt, head of market intelligence at the London-based group, which lobbies on behalf of mining companies.
Central banks reacted similarly. "When they see rapid movements in price, they want to wait and see what that means in terms of their reserves," he said. ...
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