Chart gallery

28 April, 2022

Executive Summary

 

Q1 gold demand increased y-o-y as strong ETF flows offset weaker jewellery and retail investment

Q1 gold demand increased y-o-y as strong ETF flows offset weaker jewellery and retail investment

Global quarterly demand by sector*

Q1 gold demand increased y-o-y as strong ETF flows offset weaker jewellery and retail investment
Global quarterly demand by sector*
*Data to 31 March 2022. Source: World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 31 March 2022

Review and outlook

 

Mixed prospects for investors and consumers in 2022

Mixed prospects for investors and consumers in 2022

Expected y-o-y tonnage change in annual demand and supply, 2022 vs. 2021*

Mixed prospects for investors and consumers in 2022
Expected y-o-y tonnage change in annual demand and supply, 2022 vs. 2021*
* Range estimates are generated by a combination of inputs our independent analysis, and macro global outlook. Source: World Gold Council

Sources: World Gold Council; Disclaimer

*Range estimates are generated by a combination of inputs including our independent analysis of the gold market, consensus market expectations for the global economy and Metals Focus forecasts, The width of the range reflects our confidence in the outlook, while the ratio of one tail to the other captures whether we skew towards upside or downside risk to our view.

Jewellery

 

Value of jewellery demand remained elevated despite weaker tonnage number

Value of jewellery demand remained elevated despite weaker tonnage number

First quarter global jewellery demand in volume and value*

Value of jewellery demand remained elevated despite weaker tonnage number
First quarter global jewellery demand in volume and value*
* Data to 31 March 2022

Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 March 2022

 

China’s gold jewellery demand was relatively resilient

China’s gold jewellery demand was relatively resilient

Chinese first quarter gold jewellery demand and 10-year average

China’s gold jewellery demand was relatively resilient
Chinese first quarter gold jewellery demand and 10-year average
*Data to 31 March 2022

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 March 2022

Investment

 

Q1 inflows into gold ETFs were the highest since Q3 2020, erasing outflows seen in 2021*

Q1 inflows into gold ETFs were the highest since Q3 2020, erasing outflows seen in 2021*

Q1 inflows into gold ETFs were the highest since Q3 2020, erasing outflows seen in 2021*
*Data to 31 March 2021. On Goldhub, see: Global gold-backed ETF holdings and flows. Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data to 31 March 2022. On Goldhub, see: Gold ETFs holdings and flows

 

Retail bar and coin investment fell 20% y-o-y in Q1, but held above 5-year quarterly average

Retail bar and coin investment fell 20% y-o-y in Q1, but held above 5-year quarterly average

Retail bar and coin investment fell 20% y-o-y in Q1, but held above 5-year quarterly average
Quarterly bar and coin demand
Note: Data as of 31 March 2022. *Average is the five-year quarterly average between Q1'17 and Q4'21. Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 31 March 2022. * Average is the five-year quarterly average between Q1'17 and Q4'21

Central Banks

 

Central banks added 84t to global gold holdings

Central banks added 84t to global gold holdings

Net quarterly central bank demand, tonnes*

Central banks added 84t to global gold holdings
Net quarterly central bank demand, tonnes*
*Data to 31 March 2022. On Goldhub, see: Central bank holdings Source: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 March 2022. On Goldhub, see: Central bank holdings

 

Egypt and Turkey led official sector buying

Egypt and Turkey led official sector buying

Year-to-date central bank net purchases and sales, tonnes*

Egypt and Turkey led official sector buying
Year-to-date central bank net purchases and sales, tonnes*
*Data to 28 February 2022. Note: chart includes only purchases/sales of 0.5t or above. On Goldhub, see: Central bank holdings Source: IMF IFS, Respective Central Banks, World Gold Council

Sources: IMF IFS, Respective central banks, World Gold Council; Disclaimer

*Data to 31 March 2022. Note: chart includes only purchases/sales of 0.5t or above. On Goldhub, see: Central bank holdings

Supply

 

Mine production hit an all-time first-quarter high in Q1-2022*

Mine production hit an all-time first-quarter high in Q1-2022

Quarterly global gold mine production, tonnes*

Mine production hit an all-time first-quarter high in Q1-2022
Quarterly global gold mine production, tonnes*
*Data to 31 March 2022. Source: Metals Focus, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 March 2022. Note: Our quarter records go back to 2000.

 

Gold recycling activities rose as the gold price climbed

Gold recycling activities rose as the gold price climbed

Quarterly supply of recycled gold, tonnes, and quarterly average gold price, US$/oz*

Gold recycling activities rose as the gold price climbed
Quarterly supply of recycled gold, tonnes, and quarterly average gold price, US$/oz*
*Data to 31 March 2022. Source: ICE Benchmark Administration, Metals Focus, World Gold Council

Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer

*Data to 31 March 2022

Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]