The World Gold Council is a leading authority on gold and its uses. Our research provides comprehensive analysis of the industry, giving decision makers and stakeholders the information they need to understand the dynamic drivers of the gold market.
Published 9th March 2017
Research archive: showing 1-100 of 443 documents
Published 8th March 2017
A barrage of policy initiatives aimed at purging India of black money and instilling greater transparency rocked India’s economy last year, including its gold market. The most dramatic was the radical decision to demonetise over 15 trillion rupees, around US$220bn. Other policies – such as the re-introduction of excise duty – affected the gold market, too. And the forthcoming Goods & Service Tax (GST) will change the shape of the industry. India’s gold market faces some short-term headwinds. But looking ahead, these policies may deliver a stronger economy and a more transparent gold industry, underpinning gold demand, which we expect to be between 650-750t in 2017.
Published 7th March 2017
2016年通期の金需要は2%増の4,309トンとなり、2013年以来最高の水準に達しました。これは主に今後の金融政策、地政学的不確定要素、およびマイナス金利に対する懸念のため、投資家からのETF（Exchange Traded Funds）への資金流入が、史上第2位となる532トンに拡大したことによるものでした。
Published 16th February 2017
Welcome to the winter edition of Gold Investor, where leading market participants assess the relevance of gold against a backdrop of persistent geopolitical turmoil.
Published 3rd February 2017
2016 full-year gold demand gained 2% to reach a 3-year high of 4,308.7t. Annual inflows into ETFs reached 531.9t, the second highest on record. Declines in jewellery and central bank purchases offset this growth. Annual bar and coin demand was broadly stable at 1,029.2t, helped by a Q4 surge.
Published 24th January 2017
In 2015 India was the world’s fast growing economy; in recent years millions have been lifted out of poverty and India’s middle class has swelled. This is important because our econometric analysis indicates income growth drives gold demand. But India’s relationship with gold goes beyond income growth: gold is intertwined with India’s way of life. And as we look ahead, India’s gold market will evolve.
Published 13th January 2017
In 2016, investors around the world returned in large numbers to the gold market, as a combination of macroeconomic drivers and pent up demand kept interest in gold high. As we start the new year, there are some concerns that US dollar strength may limit gold’s appeal. We believe that, on the contrary, not only will gold remain highly relevant as a strategic portfolio component, but also six major trends will support demand for gold throughout 2017.
Published 14th December 2016
The global gold bar and coin market has boomed in the past 10 years. Several factors have underpinned this growth, perhaps the most important being that successive financial crises have tested investors’ faith in governments, banks, monetary policies and fiat currencies around the world.
Published 1st December 2016
China has gone through remarkable change in the past 30 years. Within one generation, the shape of our economy has altered beyond all recognition: agriculture’s share of output has fallen and the service sector has become an important driver of growth; millions of people have migrated from the countryside to big cities; and we have become richer, with income per capita increasing by almost 700% between 1995 and 2015.
Published 22nd November 2016
Unprecedented monetary policies (including quantitative easing and negative nominal interest rates) have had the unintended consequence of dramatically reducing the pool of investable assets available to reserve managers. As central banks search for new investments, our analysis shows that gold compares extremely favourably to other traditional reserve assets with respect to safety, liquidity and return.
Published 9th November 2016
Donald Trump is poised to become the 45th President of the United States. Gold breaches US$1,300/oz.
Published 3rd November 2016
Published 25th October 2016
Mohamed El-Erian是全球保险公司安联(Allianz)的首席经济学家，也是太平洋投资管理公司(Pimco)的前首席执行官。她评估了全球投资界面临的挑战和黄金在投资组合中可以发挥的作用。 我们还探讨了黄金的新伊斯兰教标准以及黄金市场中符合伊斯兰教法的投资选择如何能为伊斯兰金融机构及其客户提供投资多元化的重大机会。
Published 25th October 2016
In the autumn edition of Gold Investor, Mohamed El-Erian, chief economist at global insurer Allianz and former CEO of PIMCO assesses the challenges faced by the global investment community and the contribution that gold can make within investment portfolios. We also look at the new Shari’ah Standard on gold and how Shari’ah-compliant investment options in the gold market can provide Islamic Financial Institutions and their customers with a great opportunity to diversify their investments.
Published 13th October 2016
Gold coins are intrinsic to gold demand, not just in India, but across the world. In most countries that have an affinity with gold however, that relationship is symbolised by a sovereign gold coin.
Published 5th October 2016
Following a remarkable performance year-todate, the gold price fell by over 3% on 4 October, taking it below US$1,300/oz for the first time since the Brexit announcement in June 2016.
Published 31st August 2016
तिमाही 2 2016 में जारी विकास (+15%) के परिणामस्वरूप H1 में सुवर्ण की कुल माँग 2,335t रही – जो कि ज्ञात प्रथम छमाही में दूसरे सर्वोच्च क्रम पर है। तेज़ी से बढ़ती हुई कीमतों के वातावरण में पहले छः महीनों में बड़ा ETF अंतर्वाह (+579t) आभूषणों की फीकी माँग से प्रतिसंतुलित हो गया था। वास्तव में, सोने की कीमतों ने 35 वर्षों से अधिक समय के लिए सब से मज़बूत H1 कार्य निदर्शन (+25%) दर्ज किया।
Published 11th August 2016
Published 24th June 2016
The gold price surged as the UK surprised the world by voting to Leave the EU. We expect gold inflows to accelerate as geopolitical and market uncertainty rises.
Published 15th June 2016
Published 8th June 2016
This paper reviews the different approaches to gold accounting demonstrated by central banks and discusses the elements of a common approach for central banks. Research for this paper included a review of the financial statements of 98 central banks and two international financial institutions that hold gold; BIS and IMF.
Published 16th May 2016
Download our gold investment infographic; explaining key gold product groups. This graphic focusses on Bars & Coins, Gold-backed Exchange Traded Funds and Jewellery.
Published 7th April 2016
The gold price staged a spectacular rally in the first quarter of this year, rising by 17% in US dollar terms. This was its best performance in almost three decades, significantly outperforming other major stock, bond and commodity indices.
Published 31st March 2016
Investors should consider doubling their gold allocations amid negative interest rates We have entered a new and unprecedented phase in monetary policy. Central banks in Europe and Japan have now implemented Negative Interest Rate Policies (NIRP) to counteract deflationary pressures and, in some cases, currency appreciation. Amid higher market uncertainty, the price of gold is up by 16% year-to-date – in part due to NIRP.
Published 22nd March 2016
Published 11th February 2016
Gold Demand Trends Full Year 2015. Gold demand in the fourth quarter increased 4% year-on-year to a 10-quarter high of 1,117.7t. Full year demand was virtually unchanged, down just a fraction (-14t) to 4,212t.
Published 7th January 2016
This latest edition of our Investment Commentary examines gold’s performance in 2015 and explores the factors that may influence gold in 2016.
Published 16th December 2015
Published 12th October 2015
For many decades, the US dollar has been the main reserve currency worldwide and it still accounts for more than 50% of international reserves. However, its share has been gradually declining, while that of other currencies, like the Chinese RMB, has grown, signalling the potential emergence of a multicurrency reserve system.
Published 30th July 2015
India has a rich tradition of gold consumption and production. Cherished as both an adornment and an investment, Indian households own circa 22,000 tonnes of gold and around 600 tonnes of gold is used in jewellery production each year.
Published 23rd July 2015
On Monday 20th July the gold price fell sharply, dropping 4.3% from its Friday closing price. This note explains what happened and counters some misconceptions.
Published 21st July 2015
Despite economic uncertainty in some regions, the gold price declined in the first half of 2015. While puzzling to some investors, this is consistent with market expectations that the risks could be contained. We believe that the gold price already reflects a possible rate hike later this year and that the US-centred perspective is missing a more comprehensive view of the market.
Published 18th June 2015
Published 18th June 2015
At a country level, China was the largest producer in the world in 2014, accounting for around 15 per cent of total global production. Our interactive gold mining map provides a breakdown of the top gold producing countries in the world, which demonstrates the geographical dispersion of gold mine supply.
Published 11th June 2015
This video explains how we create Gold Demand Trends, the leading industry resource for gold demand data. We explain how our unique position in the gold industry gives us unparalleled market insight and how we work to understand evolving consumer behaviours, identify emerging trends, and apply our knowledge and experience to provide a complete view of the gold market.
Published 14th May 2015
In a generally quiet quarter, global demand dipped 1% to 1,079t. However, the gold market’s complex eco-system was well balanced in Q1 2015. Conditions differed from market to market but at an aggregate level, these differences broadly cancelled out.
Published 26th March 2015
In this eighth edition of Gold Investor, we take a closer look at gold’s performance and its relevance for investors in the current environment. In particular, we explore: Gold in a rising dollar environment: Generally, there is an inverse correlation between gold and the dollar. However, our analysis shows that the gold price increases more when the dollar weakens than it falls when the dollar strengthens. In our view, the dollar’s relationship with gold has changed dramatically over the past decades and is likely to shift further as demand moves East and the world moves to a multicurrency system.
Published 26th March 2015
另外，我们回顾了： 相互联系：推动黄金需求的因素： 一个帮助投资者了解黄金表现的实用框架结构。 市场可能错误解读黄金与美国汇率之间的关系： 许多投资者相信美国实际利率调高定会使金价走低。我们的分析显示，其他的因素能够对金价产生更大的影响。其中包括一些与经济增长存在正相关性的因素，而经济增长往往伴有利率调高。我们还重点介绍了在未来几年股票和债券的预期回报低于平均水平的情况下，黄金为投资组合所带来的收益。
Published 4th March 2015
Published 12th February 2015
The World Gold Council's Gold Demand Trends (GDT) is the leading industry resource for data and opinion on world-wide gold demand. Our quarterly publication examines demand trends by sector and geography
Published 9th December 2014
This report highlights key policy recommendations to monetise India’s 22,000 tonnes of gold stocks kept by Indian households. Seven key recommendations are made for an effective ‘India Gold Policy’. The report also assesses the policies adopted in countries like Turkey and China; that have faced challenges similar to India and have devised public policies which have monetised the local stock of gold to positive effect.
Published 13th November 2014
The World Gold Council's Gold Demand Trends (GDT) is the leading industry resource for data and opinion on world-wide gold demand. Our quarterly publication examines demand trends by sector and geography.
Published 23rd October 2014
This is the second edition of the Responsible gold mining and value distribution report, covering 2013 data. It further demonstrates the impact the responsible gold mining industry has in supporting economic development in host countries. The primary focus of this report is the money spent by gold mining companies and an analysis of how this money is split between the stakeholders, namely employees, suppliers, government, communities and investors.
Published 23rd October 2014
Published 24th September 2014
This seventh edition of Gold Investor discusses gold’s positive link to economic growth, explore its value as a hedge in times of duress, and discuss the impact that ETFs have had on the gold market. The latest edition (Volume 7, September 2014) includes three articles: I. The growth dividend: how rising GDP lifts gold consumer demand II. A practical hedge: less exotic, multipurpose, lower cost III. Ten years of gold ETFs: a wider and more efficient market