Overall international demand for gold dropped 21 percent in the third quarters as both investors and central banks show reluctance in buying the metal, according to the World Gold Council.

The council announced in a report today that demand around the globe plunged to 868.5 metric tons, compared to 1,101.4 ton last year. Investors purchased 118.7 tons from ETFs and similar products, while central bank purchases fell 17 percent.

April of this year saw the gold market move into a bear, casing gold prices to drop 24 percent with inflations doubting the precious metal’s value as equity prices rallied against falling inflation levels.

If we isolate the Easter market, however, a different image emerges as gold demand jumped in China, India, and the Middle East in the 12 months to September against decreasing European sales. The World Gold Council mentioned that the difference in markets highlights the movement of the global bullion market form west to east.

Demand for jewellery, bars and coins jumped 30 percent in China to 996.3 metric tons, while in India gold experienced a 24 percent increase reaching 977.6 tons. On the contrary, demand in Europe slid 11 percent during the same period with marked drops in the U.K., France, and Switzerland. Moreover, the share of Global sales corresponding to Asia and the Middle East rallied to 68 percent from previously 65 percent over the 12 months, while the share from the European market fell to 8.3 percent from 11 percent.

With gold set for an annual decline. the first since 2000, bullion travels eastward attracting Asian investors with its lower prices as the Federal Reserve considers curtailing its financial stimulus amidst signs of an economic recovery for the U.S.