Chart gallery

5 May, 2023

Executive Summary

 

Mixed picture for gold demand in Q1 2023

GDT Q1 2023: Front Cover

Sources: Metals Focus, World Gold Council; Disclaimer

Data to 31 March 2023

Outlook

 

Expected change in annual demand, 2023 vs 2022*

Expected change in annual demand, 2023 vs 2022*

Expected change in annual demand, 2023 vs 2022*
Expected change in annual demand, 2023 vs 2022* Source: World Gold Council

Sources: World Gold Council; Disclaimer

*Data to 31 March 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

 

Strength in Q1 gold prices – across all key currencies – accelerated in March*

GDT Q1 2023: Jewellery Chart 1

Sources: ICE Benchmark Administration, Refinitiv Datastream, World Gold Council; Disclaimer

* Data to 31 March 2023

 

Jewellery demand growth in China stole the show in Q1*

Jewellery demand growth in China stole the show in Q1*

Jewellery demand growth in China stole the show in Q1*
* Data to 31 March 2023 Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

* Data to 31 March 2023

 

Excluding India and China, jewellery demand in the rest of the world was stable y/y*

Excluding India and China, jewellery demand in the rest of the world was stable y/y*

Excluding India and China, jewellery demand in the rest of the world was stable y/y*
* Data to 31 March 2023 Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

* Data to 31 March 2023

Investment

 

Global gold ETF outflows tapered off to trivial levels in Q1* 

GDT Q1 2023: Investment Chart 1

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

* Data to 31 March 2023

 

Biggest y/y changes in bar and coin investment* 

GDT Q1 2023: Investment Chart 2

Sources: Metals Focus, World Gold Council; Disclaimer

* Data to 31 March 2023

Central banks

 

Central bank demand hits Q1 record, maintaining its upward trend*
 

Central bank demand hits Q1 record, maintaining its upward trend*

Central bank demand hits Q1 record, maintaining its upward trend*
*Data to 31 March 2023. Source: Metals Focus, Refinitiv GFMS, World Gold Council

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

*Data to 31 March 2023.

 

Net purchases have heavily outweighed sales year-to-date*

GDT Q1 2023: Central Banks Chart 2

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

*Data to 31 March 2023 where available. 

Supply

 

Mine production hit an all-time first-quarter high in Q1-2023*

GDT Q1 2023: Supply Chart 1

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

*Data to 31 March 2023. Note: Our quarterly records go back to 2000.

 

Gold recycling activities rose as the gold price climbed* 

GDT Q1 2023: Supply Chart 2

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

*Data to 31 March 2023