Featured Report
2024 began with continued outflows
Global gold ETFs began 2024 with outflows of US$2.8bn in January, extending their losing streak to eight months. North American (-US$2.3bn) led global outflows and Europe (-US$730mn) also experienced heavy losses. A bright spot in the data came via positive inflows from Asia (+US$214mn).
Gold Outlook 2024
As we look forward to 2024, we explore three economic scenarios and their likely impact on gold. Historically, gold has had a flat performance during consensus-favoured ‘soft landings’; however, geopolitical risks, central bank buying and the spectre of a recession may provide additional support for gold.
Gold Demand Trends Q3 2023
Central banks gold buying maintained a historic pace but fell short of the Q3’22 record. Jewellery demand softened slightly in the face of high gold prices, while the investment picture was mixed.
Gold Mid-year Outlook 2023: Between a soft and a hard place
2023 Central Bank Gold Reserves Survey
Following a historical high level of central bank gold buying, gold continues to be viewed favourably by central banks. Our 2023 survey revealed that 24% of central banks intend to increase their holding reserves in the next 12 months.
Gold Demand Trends Q1 2023
Continued momentum in central bank buying and resurgent Chinese consumer demand contrasted with a negative contribution from ETFs and weakness in India.
The banking crisis fuelled gold ETF inflows in March
Global physically backed gold ETFs saw net inflows of US$1.9bn in March - the first inflows for ten months - as the banking crisis fuelled demand. But the recent inflows were not enough to prevent a net quarterly outflow of US$1.5bn. Regionally, European funds accounted for the bulk of the global outflows in Q1.
Gold ETF outflows continued in February amid weak gold prices
Global physical gold ETFs saw another outflow of US$1.7bn (-34t, 1.0%), their tenth consecutive monthly loss. Outflows were widespread, with the exception of funds in the Other region.
Gold ETF outflows in Europe and Asia outweighed North American inflows in January
Global physically backed gold ETFs kicked off 2023 with net outflows of US$1.6bn in January and a 26t (-0.8%) decline in total holdings to 3,446t. While the gold price witnessed its strongest January in a decade, registering a gain of 6.1%, gold ETF outflows in Europe and Asia dwarfed positive demand in North America and the Other region.
Gold Demand Trends Full Year 2022
Colossal central bank purchases, aided by vigorous retail investor buying and slower ETF outflows, lifted annual demand to an 11-year high. Annual gold demand (excluding OTC) jumped 18% to 4,741t, almost on a par with 2011 – a time of exceptional investment demand. The strong full-year total was aided by record Q4 demand of 1,337t.