Value of gold demand surges in higher price environment – council
Total third quarter gold supply increased 5% year-on-year to a record of 1 313 t
Healthy inflows into global gold exchange-traded funds (ETFs) were a major driver of growth in gold demand in the third quarter, and combined with continued over-the-counter investor interest, this helped to propel gold prices to a series of record highs throughout the period, industry organisation the World Gold Council outlines.
Gold jewellery consumption eased off as the price increased, despite a solid bounce in India because of a cut in gold import duty.
Net central bank demand slowed, but remains healthy.
Official sector institutions bought a net 186 t of gold in the quarter.
Year-to-date purchases are in line with that of 2022, at 694 t.
Holdings of global gold ETFs grew by 95 t, with inflows across all regions. This was the first quarter of total net inflows since the first quarter of 2022.
Demand for gold bars and coins was 9% lower year-on-year. Sharply lower levels of demand in China, Türkiye and the US outweighed a surge in buying in India.
Gold jewellery consumers were constrained by record prices, the Council points out.
Global gold jewellery demand dropped 12% year-on-year despite a strong jump in Indian demand.
Total third quarter gold supply increased 5% year-on-year to a record of 1 313 t. Mine production and recycling supply volumes both contributed to the increase.
The council’s expectation of a resumption of Western investment flows was realised in the quarter, helping propel gold prices yet higher.
Bar and coin investment are set to remain solid as jewellery buying steps back amid high prices. Central bank buying, although slower, is on track for a strong year. Supply is on course for a record year after very strong third quarter mine production, it points out.
Comments
Latest Multimedia
Showroom
In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
