Gold demand firmer in Q3
Healthy Q3, driven by stronger consumer and central bank buying, helped year-to-date demand recover to pre-COVID norms.
Gold demand (excluding OTC) in Q3 was 28% higher y-o-y at 1,181t. Year-to-date (y-t-d) demand increased 18% vs the same period in 2021, returning to pre-pandemic levels.
Jewellery consumption reached a robust 523t, increasing 10% y-o-y despite the deteriorating global economic backdrop. Y-t-d demand is slightly firmer (+2%) at 1,454t.
Investment demand (excluding OTC) for Q3 was 47% lower y-o-y at 124t, reflecting weak sentiment among some investor segments. 36% growth in bar and coin investment (to 351t) was insufficient to offset 227t of ETF outflows. OTC demand contracted significantly during the quarter, echoing weak investor sentiment in ETFs and futures markets.
Central banks continued to accumulate gold, with purchases estimated at a quarterly record of nearly 400t.
An 8% y-o-y fall in technology demand reflected a fall in consumer demand for electronics due to the global economic downturn.
Total gold supply increased marginally (+1% y-o-y) to 1,215t. A sixth consecutive quarter of y-o-y growth in mine production was partly offset by lower levels of recycling.