Chart gallery
31 January, 2024
Gold demand (ex-OTC) dipped 5% from a strong 2022*
Gold demand (ex-OTC) dipped 5% from a strong 2022*
Annual gold demand by sector, tonnes
Gold demand (ex-OTC) dipped 5% from a strong 2022*
Annual gold demand by sector, tonnes
*Data as of 31 December 2023
Source: Metals Focus, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Outlook
Economic and geopolitical scenario expected to be investment-positive overall in 2024*
Economic and geopolitical scenario expected to be investment-positive overall in 2024* Expected change in annual gold demand and supply, tonnage, 2024 v 2023
Expected change in annual gold demand and supply, tonnage, 2024 v 2023
Economic and geopolitical scenario expected to be investment-positive overall in 2024* Expected change in annual gold demand and supply, tonnage, 2024 v 2023
Source: World Gold Council
Sources: World Gold Council; Disclaimer
* Data to 31 December 2023. Fabrication combines global jewellery and technology demand. Investment includes ETFs, bar and coin and OTC demand. Supply includes mine production and recycling. We have omitted hedging and assume it to be unchanged.
Jewellery
Jewellery demand firm in the face of record gold prices*
Jewellery demand firm in the face of record gold prices
Annual gold jewellery demand, tonnes
Jewellery demand firm in the face of record gold prices
*Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
India and China traded the top spot in 2023*
Chart 4: India and China traded the top spot in 2023* Top five countries’ annual gold jewellery demand, tonnes
Top five countries’ annual gold jewellery demand, tonnes
Chart 4: India and China traded the top spot in 2023*
Top five countries’ annual gold jewellery demand, tonnes
*Data as of 31 December 2023
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 December 2023
Investment
Holdings of gold ETFs down 244t, led by Europe*
Holdings of gold ETFs down 244t, led by Europe*
Annual change in gold-backed ETFs by region, tonnes
Holdings of gold ETFs down 244t, led by Europe*
Annual change in gold-backed ETFs by region, tonnes
*Data as of 31 December 2023
Source: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
* Data as of 31 December 2023
Opposing West v East shifts in bar and coin investment*
Chart 6: Opposing West v East shifts in bar and coin investment*
Annual gold bar and coin demand by region, tonnes
Chart 6: Opposing West v East shifts in bar and coin investment*
annual gold bar and coin demand by region, tonnes
Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Germany dominated Europe’s steep decline*
Chart 7: Colossal central bank buying continued in 2023*
Top and bottom five y/y changes in bar and coin demand, tonnes
Chart 7: Colossal central bank buying continued in 2023*
* Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 December 2023
Central Banks
Colossal central bank buying continued in 2023*
Colossal central bank buying continued in 2023*
Annual and cumulative net gold demand from central banks, tonnes
Colossal central bank buying continued in 2023*
Annual and cumulative net gold demand from central banks, tonnes
* Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Reported central bank buying was broad-based
Reported central bank buying was broad-based
Annual net gold purchases/sales by country, tonnes
Reported central bank buying was broad-based
Annual net gold purchases/sales by country, tonnes
*Data to 31 December 2023 where available.
Source: IMF IFS, respective central banks, World Gold Council
Sources: IMF IFS, Respective central banks, World Gold Council; Disclaimer
*Data to 31 December 2023 where available.
Technology
Despite Q4 recovery, technology demand slipped below 300t*
Chart 10: Despite Q4 recovery, technology demand slipped below 300t
Chart 10: Despite Q4 recovery, technology demand slipped below 300t
Annual gold volumes used in technology by sector, tonnes
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Supply
2023 mine production fell just short of the 2018 record*
2023 mine production fell just short of the 2018 record*
Annual gold mine production, tonnes
2023 mine production fell just short of the 2018 record*
Annual gold mine production, tonnes
*Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
* Data as of 31 December 2023
Record gold price lifted recycling volumes*
Record gold price lifted recycling volumes*
Annual gold recycling volumes, tonnes, and the annual average gold price
Record gold price lifted recycling volumes*
Annual gold recycling volumes, tonnes, and the annual average gold price
*Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 December 2023
Regional variations in Q4’23 gold recycling*
Regional variations in Q4’23 gold recycling*
Changes in Q4’23 gold recycling volumes by region, tonnes
Regional variations in Q4’23 gold recycling*
Changes in Q4’23 gold recycling volumes by region, tonnes
*Data as of 31 December 2023
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 December 2023
Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]
Disclaimer
Copyright and other rights
© 2024 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
Any references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. All third-party content is the intellectual property of the respective third party and all rights are reserved to such party.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate intellectual property owners, except as specifically provided below.
Use of any statistics in this information is permitted for the purposes of review and commentary in line with fair industry practice, subject to the following pre-conditions: (i) only limited extracts may be used; and (ii) any use must be accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus, Refinitiv GFMS, or other identified third party, as their source.
World Gold Council does not guarantee the accuracy or completeness of any information and does not accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is not a recommendation or an offer for the purchase or sale of gold or any products, services, or securities.
This information contains forward-looking statements which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There is no assurance that any forward-looking statements will be achieved.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither WGC nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
