Gold Demand Trends

Gold Demand Trends Q2 2016

Published

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

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Report sections SummaryCharts
Key themes
Jewellery
Investment
Focus: China's commercial banks
Central banks and other institutions
Technology
Supply
Gold demand statistics

Continued growth in Q2 2016 (+15%) brought total H1 gold demand to 2,335t – the second highest first half on record. Huge ETF inflows during the first six months (+579t) were counterbalanced by anaemic jewellery demand in an environment of sharply rising prices. In fact, the gold price posted the strongest H1 performance (+25%) for more than 35 years.

Record H1 investment demand of 1,063.9t was 16% higher than the previous H1 high from 2009. Investment was the largest component of gold demand for two consecutive quarters (Q1 and Q2) – the first time this has ever happened.

Total supply increased by 10% year-on-year in Q2, to 1,144.6t vs. 1,041.7t in Q2 2015. First half supply is just 1% higher year-on-year, the slowest rate of H1 growth for 8 years. The main contributors to this growth have been recycling and hedging, both of which have been supported by higher gold prices.

GDT Q2 2016 - infographic - India rural population

GDT Q2 2016 - infographic - ETF demand in H1

GDT Q2 2016 - infographic - H1 investment demand

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      2014 2015 2016 Q2'16 vs Q2'15
Tonnes 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 % chg
Jewellery 2,485.8 2,396.9 592.9 685.4 597.1 513.7 623.6 662.6 481.2 444.1 -14
Technology 347.9 332.9 89.3 89.3 83.1 83.3 82.7 83.8 80.3 80.9 -3
Electronics 277.4 264.1 71.5 71.7 66.2 65.7 65.4 66.7 63.9 63.9 -3
Other Industrial 50.7 50.1 13.0 12.8 12.2 12.8 12.5 12.5 11.9 12.4 -3
Dentistry 19.8 18.8 4.8 4.8 4.7 4.7 4.7 4.6 4.5 4.6 -4
Investment 853.8 921.5 192.1 183.4 283.0 186.1 231.5 220.9 615.6 448.4 141
Total bar and coin demand 1,037.7 1,049.8 233.0 275.4 257.3 209.1 294.9 288.5 273.1 211.6 1
Physical Bar demand 758.6 759.3 176.5 200.8 191.3 149.7 200.7 217.7 200.0 149.2 0
Official Coin 202.9 218.8 35.7 54.5 50.6 45.5 72.9 49.8 61.4 49.6 9
Medals/Imitation Coin 76.2 71.7 20.8 20.1 15.4 14.0 21.3 21.0 11.7 12.8 -9
ETFs & similar products1 -183.8 -128.3 -40.9 -92.1 25.6 -23.0 -63.4 -67.6 342.5 236.8 -
Central bank & other inst. 583.9 566.7 174.9 133.9 112.4 127.3 168.0 159.0 108.2 76.9 -40
Gold demand 4,271.4 4,218.1 1,049.2 1,091.9 1,075.6 910.4 1,105.7 1,126.4 1,285.3 1,050.2 15
LBMA Gold price, US$/oz 1,266.4 1,160.1 1,281.9 1,201.4 1,218.5 1,192.4 1,124.3 1,106.5 1,182.6 1,259.6 6
      2014 2015 2016 Q2'16 vs Q2'15
US$mn 2014 2015 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 % chg
Jewellery 2,485.8 2,396.9 592.9 685.4 597.1 513.7 623.6 662.6 481.2 444.1 -14
Technology 347.9 332.9 89.3 89.3 83.1 83.3 82.7 83.8 80.3 80.9 -3
Electronics 277.4 264.1 71.5 71.7 66.2 65.7 65.4 66.7 63.9 63.9 -3
Other Industrial 50.7 50.1 13.0 12.8 12.2 12.8 12.5 12.5 11.9 12.4 -3
Dentistry 19.8 18.8 4.8 4.8 4.7 4.7 4.7 4.6 4.5 4.6 -4
Investment 853.8 921.5 192.1 183.4 283.0 186.1 231.5 220.9 615.6 448.4 141
Total bar and coin demand 1,037.7 1,049.8 233.0 275.4 257.3 209.1 294.9 288.5 273.1 211.6 1
Physical Bar demand 758.6 759.3 176.5 200.8 191.3 149.7 200.7 217.7 200.0 149.2 0
Official Coin 202.9 218.8 35.7 54.5 50.6 45.5 72.9 49.8 61.4 49.6 9
Medals/Imitation Coin 76.2 71.7 20.8 20.1 15.4 14.0 21.3 21.0 11.7 12.8 -9
ETFs & similar products1 -183.8 -128.3 -40.9 -92.1 25.6 -23.0 -63.4 -67.6 342.5 236.8 -
Central bank & other inst. 583.9 566.7 174.9 133.9 112.4 127.3 168.0 159.0 108.2 76.9 -40
Gold demand 173,913.7 157,320.9 43,242.0 42,176.7 42,136.1 34,899.4 39,967.9 40,069.5 48,866.8 42,530.7 22
LBMA Gold Price, US$/oz 1,266.4 1,160.1 1,281.9 1,201.4 1,218.5 1,192.4 1,124.3 1,106.5 1,182.6 1,259.6 6

1For a listing of the Exchange Traded Funds and similar products click here for more information.

Source: Metals Focus; GFMS, Thomson Reuters; ICE Benchmark Administration; World Gold Council

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