Gold Demand Trends

Gold demand (excluding OTC) in Q3 was 28% higher y-o-y at 1,181t. Year-to-date (y-t-d) demand increased 18% vs the same period in 2021, returning to pre-pandemic levels.

第 3 四半期の金需要（OTC を除く）は、前年同期比で 28％増の 1,181 トンでした。年初来の累計需要は前年同期比で 18％増加し、コロナ前のレベルに戻りました。

Gold demand softened in Q2. Despite Q2 weakness, strong first quarter ETF inflows fuelled a notable H1 recovery Gold demand (excluding OTC) was 8% lower y-o-y at 948t. Combined with Q1 this took H1 demand to 2,189t, up 12% y-o-y.

Gold market sees solid start to 2022
Q1 gold demand was 34% above Q1 2021, driven by strong ETF inflows. In a quarter that saw the US dollar gold price rise by 8%, gold demand (excluding OTC) increased 34% y-o-y to 1,234t – the highest since Q4 2018 and 19% above the five-year average of 1,039t. 

Strong Q4 lifts full year demand 10%

Annual demand recovered across virtually all sectors – the notable exception being ETFs, which saw net annual outflows

Q3 gold demand down 7% to 831t

ETF outflows outweighed continued recovery in other sectors 

Q2 gold demand flat, H1 down 10%

Strong consumer demand recovery and Q2 gold ETF inflows were not enough to offset heavy Q1 outflows.

Strengthening consumer demand mitigated the impact of ETF outflows as global economies continued to recover

Weak Q4 set the seal on an 11-year low for annual 2020 gold demand

Strong growth in global investment demand for gold in Q3 partly offset weakness elsewhere as COVID-19 remained in the driving seat.