Chart gallery

1 August, 2023

Executive Summary

 

Firmer jewellery and investment demand helped offset slower central bank buying in Q2*

GDT Q2 2023: Front Cover

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer *Data as of 30 June 2023.

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

*Data as of 30 June 2023.

Outlook

 

Expected change in annual demand, 2023 vs 2022*

 

GDT Q2 2023: Outlook chart

Sources: World Gold Council; Disclaimer *Data to 30 June 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.

Sources: World Gold Council; Disclaimer

*Data to 30 June 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

 

Gold prices remained at historically high levels in Q2*

GDT Q2 2023: Jewellery chart 1

Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer *Data to 30 June 2023.

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

*Data to 30 June 2023.

 

Global jewellery demand resilient so far in 2023, but remains below 10-year average*

GDT Q2 2023: Jewellery Chart 2

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer *Data as of 30 June 2023.

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

*Data as of 30 June 2023.

 

China’s post-COVID rebound tempered by near-record prices and faltering economy*

GDT Q2 2023: Jewellery chart 3

Sources: Metals Focus, World Gold Council; Disclaimer *Data as of 30 June 2023.

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 30 June 2023.

Investment

 

Q2 outflows from European-listed funds engulfed smaller inflows elsewhere*

GDT Q2 2023: Investment chart 1

Source: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council *Data as of 30 June 2023.

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

*Data as of 30 June 2023.

 

Gold coins were the drivers of y/y growth in retail investment; bar demand slipped a little*

GDT Q2 2023: Investment chart 3

*Data as of 30 June 2023. Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 30 June 2023.

Turkey and Iran replace Germany and Switzerland in the top 5 bar and coin markets in H1’23*

 

Turkey and Iran replace Germany and Switzerland in the top 5 bar and coin markets in H1’23

Turkey and Iran replace Germany and Switzerland in the top 5 bar and coin markets in H1’23
Source: Metals Focus, World Gold Council *Data as of 30 June 2023.

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 30 June 2023.

 

Turkey and Iran replace Germany and Switzerland in the top 5 bar and coin markets in H1’23

Turkey and Iran replace Germany and Switzerland in the top 5 bar and coin markets in H1’23
Source: Metals Focus, World Gold Council *Data as of 30 June 2023.

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 30 June 2023.

Central banks

 

H1’23 central bank demand is the highest first half total on record*

H1’23 central bank demand is the highest first half total on record*

H1’23 central bank demand is the highest first half total on record*
*Data as of 30 June 2023. Quarterly data available from Q1 2000. Source: Metals Focus, Refinitiv GFMS, World Gold Council

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

*Data as of 30 June 2023. Quarterly data available from Q1 2000.

 

Substantial sales from Turkey impacted the H1 total*

Substantial sales from Turkey impacted the H1 total*

Substantial sales from Turkey impacted the H1 total*
*Data as of 30 June 2023 where available. Note: chart only includes net purchases/sales of a tonne or more. Source: IMF IFS, respective central banks, World Gold Council

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

*Data as of 30 June 2023 where available. Note: chart only includes net purchases/sales of a tonne or more.

 

7 in 10 central banks surveyed believe that gold reserves will increase in the next 12 months.

GDT Q2 2023: Central Banks chart 3

2023 base: All central banks (57), Advanced economy (13), EMDE (44). “Don‘t know” was removed as an option in this year's survey. Source: World Gold Council

Sources: World Gold Council; Disclaimer

2023 base: All central banks (57), Advanced economy (13), EMDE (44). “Don‘t know” was removed as an option in this year's survey.

Supply

 

Mine production hit an all-time H1 high in 2023*

Mine production hit an all-time H1 high in 2023*

Mine production hit an all-time H1 high in 2023*
*Data as of 30 June 2023. Quarterly data available from Q1 2000. Sources: Metals Focus, Refinitiv GFMS, World Gold Council

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

*Data as of 30 June 2023. Quarterly data available from Q1 2000.

 

China and India drove Q2 recycled gold supply up 13% y/y*

China and India drove Q2 recycled gold supply up 13% y/y*

China and India drove Q2 recycled gold supply up 13% y/y*
*Data as of 30 June 2023. Sources: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 30 June 2023.

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