Global Gold Demand Trends Report

7 2024/2


The latest Global Gold Demand Trends Report released by the World Gold Council shows that global gold demand (excluding over-the-counter trading) for the entire year of 2023 was 4448 tons, a decrease of only 5% compared to the strong performance of 2022. If the demand for gold from over-the-counter trading markets and other sources is taken into account, the demand for gold for the entire year of 2023 will rise to 4899 tons.

It is reported that the investment demand driven by this demand source has helped the average gold price reach $1940.54 per ounce in 2023, which is 8% higher than in 2022. The report states that global central banks still have strong interest in purchasing gold. In 2023, global central bank demand reached 1037 tons. In contrast to off exchange demand and global central bank interest in gold purchases, global gold ETF holdings decreased by a total of 244 tons in 2023, marking the third consecutive year of decline. Among them, the European region has the largest outflow of funds.

In terms of global investment in gold bars and coins, due to the fluctuating demand in Western and Eastern markets, the overall demand for gold bars and coins remained stable in 2023, with only a slight decline of 3%. The demand for gold bars and coins in India, Türkiye and the United States increased significantly. China's demand is recovering.

The report states that the global gold jewelry market has shown resilience. In 2023, the demand for gold jewelry remained basically unchanged year-on-year, with a slight increase of 3 tons. China has become the most important growth driver.

In 2023, the total supply of gold increased by 3%. Among them, the gold mine production in 2023 remained basically the same as last year, with a slight increase of 1%. The total amount of recovered gold increased by 9%. Given last year's gold price, this increase was lower than expected.

Louise Street, Senior Market Analyst at the World Gold Council, said, "The sustained gold purchases by central banks around the world in 2023 have once again strongly boosted gold demand and to some extent offset the weakness in demand in other areas of the gold market, with gold demand for the year far exceeding the moving average of the past decade."


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