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).
December outflow compounds 2023 losses
Global physically backed gold ETFs continued to see outflows (-US$1bn, -10t) in December as European losses overshadowed inflows elsewhere. At the end of 2023, their collective holdings stood at 3,225t, a 244t decline during the year. But total assets under management of global gold ETFs rose 6% to US$214bn thanks to a 15% gold price increase in 2023.
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
Developed market central banks are nearing the end of their tightening cycles.1 For now, market consensus points to a mild contraction in the US in late 2023 and slow growth in developed markets.
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.
Recession concerns sustain gold ETF inflows in April
Global gold ETFs continued to see positive demand in April: net inflows totalled US$824mn while holdings increased 15t. North American funds led global inflows, adding nearly US$1bn. Fund flows in Europe turned negative again in the month (-US$223mn), led by Germany.
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.
Gold Market Primer: Market size and structure
Gold is an attractive means of helping investors diversify their portfolios. Its relative scarcity supports its long-term investment appeal. But its market size is large enough to make it relevant for a wide variety of investors, from individuals to institutions and central banks.
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.
