The Global Experts on Gold

Q3 total gold demand was broadly steady - 1% lower y/y at 1,369t, while the value of demand rose 22% to US$188bn. Institutional and strategic buyers stepped up: central banks added 321t, up 42% year-on-year, and gold ETFs returned to strong inflows of 211t, lifting holdings to a record 4,256t. By contrast, bar and coin demand fell 19% to 268t given the lack of a clear trend in the gold price, while jewellery demand fell 17% to 313t as gold prices remained high. Technology demand rose 3% to 85t, its highest level since Q4 2021, supported by AI-related manufacturing.

Global gold backed ETFs attracted US$10bn in September, capping a record quarter in which investors added ~US$31bn. All regions recorded inflows during the month, led by North America and Europe. Despite a lower gold price, which contributed to a 7% m/m decline in total assets under management to US$574bn, strong demand lifted global holdings by 67t to a record 4,256t.

A surge in US Treasury yields and the US dollar alongside a drop in futures positions helped drive prices lower in September, despite impressive gold ETF inflows. UK gold ETFs delivered a stellar Q3. Fiscal concerns may be helping, but this looks less like the short-lived 2022 surge and more like a sustained shift in demand.

Data on sectors of gold demand, supply, productions costs and futures market positioning

Benchmark gold prices, gold futures curves and local price premium/discount

Returns, volatility, correlations and trading volumes for gold, bonds, equities and other major asset classes

Data on central bank gold holdings, sales and purchases, as well as insights from annual surveys into central bank attitudes towards gold.