Chart gallery

Gold Demand Trends Q3 2021

28 October, 2021

Chart gallery

Executive summary

 

ETFs switched to minor outflows, negating strong recovery in other sectors of gold demand

ETFs switched to minor outflows, negating strong recovery in other sectors of gold demand

Q3 demand by sector, tonnes*

ETFs switched to minor outflows, negating strong recovery in other sectors of gold demand
Q3 demand by sector, tonnes*
*Data to 30 September 2021. Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 30 September 2021.

 

Q3 review and outlook

 

Gold price declined only marginally in Q3, despite visible investment weakness

Gold price declined only marginally in Q3, despite visible investment weakness

Gold price in various currencies, indexed to January 2020*

Gold price declined only marginally in Q3, despite visible investment weakness
Gold price in various currencies, indexed to January 2020*
*Data to 15 October 2021 Source: ICE Benchmark Administration, Refinitiv Datastream, World Gold Council

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

*Data to 15 October 2021.

 

Jewellery

 

Jewellery demand has made a solid recovery y-t-d, but remains below average pre-COVID levels

Jewellery demand has made a solid recovery y-t-d, but remains below average pre-COVID levels

Jewellery demand, tonnes*

Jewellery demand has made a solid recovery y-t-d, but remains below average pre-COVID levels
Jewellery demand, tonnes*
*Data to 30 September 2021. Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 30 September 2021.

 

 

India, China and the Middle East accounted for much of the y-o-y rebound

India, China and the Middle East accounted for much of the y-o-y rebound

Jewellery demand by country/region, tonnes*

India, China and the Middle East accounted for much of the y-o-y rebound
Jewellery demand by country/region, tonnes*
*Data to 30 September 2021. Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 30 September 2021.

 

Investment

 

Global holdings of gold ETFs remain relatively steady, just 8% below the peak

Global holdings of gold ETFs remain relatively steady, just 7% below the peak

Monthly global gold ETF holdings, tonnes, and monthly gold price, US$/oz*

Global holdings of gold ETFs remain relatively steady, just 7% below the peak
Monthly global gold ETF holdings, tonnes, and monthly gold price, US$/oz*
*Data to 30 September 2021. Source: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council

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

*Data to 30 September 2021.

 

 

Y-t-d bar and coin investment almost on a par with full year 2019 and 2020

Y-t-d bar and coin investment almost on par with full year 2019 and 2020

Global bar and coin investment, tonnes*

Y-t-d bar and coin investment almost on par with full year 2019 and 2020
Global bar and coin investment, tonnes*
*Data to 30 September 2021. Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 30 September 2021.

 

Central banks

 

Despite modest Q3 buying, central bank demand looks on course for strong year

Despite modest Q3 buying, central bank demand looks on course for strong year

Central bank net purchases in tonnes*

Despite modest Q3 buying, central bank demand looks on course for strong year
Central bank net purchases in tonnes*
*Data to 30 September 2021. Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 30 September 2021.

 

Supply

 

Continued recovery generated quarterly record mine production

Continued recovery generated quarterly record mine production

Quarterly global mine production, tonnes*

Continued recovery generated quarterly record mine production
Quarterly global mine production, tonnes*
*Data to 30 September 2021. Source: Metals Focus, Refinitiv GFMS, World Gold Council

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

*Data to 30 September 2021.

 

 

Recycling supply fell sharply y-o-y, partly in response to lower prices

Recycling supply fell sharply y-o-y, partly in response to lower prices

Quarterly y-o-y change in recycling supply, %, and quarterly average price, US$/oz*

Recycling supply fell sharply y-o-y, partly in response to lower prices
Quarterly y-o-y change in recycling supply, %, and quarterly average price, US$/oz*
*Data to 30 September 2021. Source: ICE Benchmark Administration, Metals Focus, World Gold Council

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

*Data to 30 September 2021.

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