Millennials, online sales driving gold demand, says WGC

Traditional retailers must reorient their strategies to keep pace with the dramatic changes in China's gold consumption trends, which is being driven by millennials and online sales, top industry officials said on Thursday.

The World Gold Council said there has been a resurgence in the demand for the yellow metal in the country. Demand for gold bars and coins rose 57 percent year-on-year to 64.3 metric tons in the third quarter, while gold accessories saw a 13 percent growth to 159.3 tons.

China was also the biggest contributor to global gold demand during the quarter.