By Claudia Assis
SAN FRANCISCO (MarketWatch) -- Demand for gold hit 922 metric tons in the third quarter, a 12% increase from the year-ago period, a trade group said Wednesday. Demand for gold jewelry increased 8% in the same period, the World Gold Council said. Retail investment rose 25% to 243 metric tons, as investors snapped up gold bars. Demand for gold-backed exchange-traded funds, however, fell 7% to 39 metric tons. "Following a remarkable surge in the previous quarter, which was supported by heightened sovereign risk and currency worries, this quieter period for ETFs reflects consolidation in the market," the group said. Industrial demand, meanwhile, has recovered to pre-crisis levels of 110 metric tons, a 13% increase from last year's third quarter, driven by improving global demand for consumer electronics using gold components.
