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.

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Gold Demand Trends Q1 2017

Published 4th May 2017

Global gold demand in Q1 2017 was 1,034.5t. The 18% y-o-y decline suffers from the comparison with Q1 2016, which was the strongest ever first quarter. Inflows into ETFs of 109.1t, although solid, were nonetheless a fraction of last year’s near-record inflows. Slower central bank demand also contributed to the weakness. Bar and coin investment, however, was healthy at 289.8t (+9% y-o-y), while demand firmed slightly in both the jewellery and technology sectors. 

Categories: Gold mining and sustainable development, Supply and demand, Jewellery, Investment, Technology, Reserve asset management

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Published 20th April 2017

Monetary authorities hold gold in the performance of their official functions, typically as part of the country’s official reserves. This functional purpose differs from the objectives of other entities who hold gold. Monetary authorities also commonly hold gold in much larger quantities than other entities. General purpose financial reporting frameworks lack appropriate guidance on accounting for gold, in particular for the gold classified as monetary gold, held by monetary authorities.

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.

Categories: Investment

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 17th February 2017

黄金投资需求激增至四年以来最高点,带动了金价上涨和全年需求增长

Published 16th February 2017

欢迎阅读《黄金投资者》冬季版。我们在本期探讨了2016年的地缘政治动荡对市场的影响,以及黄金今年的前景。

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.

Categories: Investment

Published 19th January 2017

2016年,由于宏观经济驱动因素和被抑制的需求使对黄金的兴趣保持高位,世界各地的投资者大批回归黄金市场。新年伊始,有人担心美元的强势可能会抑制黄金的吸引力。我们相信事实正好相反,不仅黄金作为战略投资组合的一部分将保持高度相关性,而且六个主要趋势将支撑2017年的黄金需求。

Categories: Investment

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.

Categories: Investment

Published 19th December 2016

2016年第3四半期の金需要は前年同期比10%減の993トンとなりました。ETPへの純流入が投資需要の急増をもたらしましたが、これは他の分野、特に宝飾品と中央銀行からの需要低下を相殺するには至りませんでした。

Categories: Supply and demand

Published 14th December 2016

全球金条和金币市场在过去10年中蓬勃发展。促成这一增长的因素众多,但也许其中最重要的是,持续不断的金融危机测试了投资者对政府、银行、货币政策和世界各国法币的信心。

Categories: Investment

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.

Categories: Investment

Published 1st December 2016

过去30年以来,中国经历了巨大的变化。经过一代人的努力,中国的经济形态发生了天翻地覆的改变并取得骄人的成就:农业产出的份额下降,服务业成为经济增长的重要推动力;数百万人从农村移居到大城市;人们变得更加富有—1995-2015年间人均收入增长了近700%。

Categories: Jewellery

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.

Categories: Jewellery

Published 25th November 2016

「ゴールド インベスター」秋号をご覧くださり、ありがとうございます。 2016年が終わりに近づきましたが、マクロ経済および政治におけるリスクは、かつて例を見ないほど高まっています。

Categories: Investment

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.

Categories: Investment

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 14th October 2016

黄金价格自2016年6月首次跌破1,300美元/盎司。我们认为这可能带来实体需求买盘。

Categories: Investment

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.

Categories: Investment

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

2016年第2四半期の金需要は前期からの流れを引き継ぎ、ETF(上場投資信託)に多額の資金が流入した一方で、価格上昇を背景に宝飾品需要が低迷しました。総需要約1,050トンのうち、投資需要が2四半期連続で最大のカテゴリーとなりました。金価格も米ドル建てで25%上昇し、上半期の上昇幅として1980年後で最高を記録しました。

Published 2nd August 2016

金牌所用的黄金使用充分,未参杂或者使用任何汞,银牌和铜牌中30%的材料可实现回收再利用。

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.

Categories: Investment

Published 24th June 2016

随着令世人瞩目的英国公投退出欧盟,黄金价格飙升。地缘政治和市场不确定性因素加剧,我们预计黄金市场的资金流入将加快。

Categories: Investment

Published 15th June 2016

2016年第1四半期の金需要は前年同期から21%拡大し、1,290トンとなり、四半期の需要としては過去2番目の水準となりました。この増加は不安定な経済と金融市場の不透明さへの投資家の懸念に伴い、ETF(上場投資信託)への大きな流入が生じたことによるものです。同時期に宝飾品需要は19%低下しましたが、これは価格高騰とインドでの業界ストライキ、ならびに中国経済の減速のため消費者の多くが購入を遅らせたことが原因でした。

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 28th April 2016

マイナス金利で金の運用益が倍増 金融政策は、未だかつて例のない新たな局面に差し掛 かっています。

Categories: Investment

Published 14th April 2016

2016 年第一季度黄金表现强势,以美元计价的黄金价格 飙升 17%,堪称近 30 年来的最佳表现。黄金回报明显优于其他各大股票、债券和大宗商品指数。

Categories: Investment

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.

Categories: Investment

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

2015年第4四半期の金需要は4%(47トン)増加し、1,117.7トンでした。中央銀行による購入の増加分(33トン)が全体の増加の大半に寄与しました。宝飾品とテクノロジーの需要はやや弱く、それぞれ6トンずつ減少しました。鉱山生産量は16トン減と、2008年以降で初めて前年同期を下回りました。リサイクルは引き続き縮小しました。

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.

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