Gold Demand Trends

2016 full-year gold demand gained 2% to reach a 3-year high of 4,308.7t. Annual inflows into ETFs reached 531.9t, the second highest on record. Declines in jewellery and central bank purchases offset this growth.

Third quarter gold demand fell 10% to 992.8 tonnes (t). While this was the lowest quarter since Q2 2015, year-to-date demand is up 7%. 

Continued growth in Q2 2016 (+15%) brought total H1 gold demand to 2,335t – the second highest first half on record.

Gold demand reached 1,290 tonnes Q1 2016, a 21% increase year-on-year, making it the second largest quarter on record.

Gold demand in the fourth quarter increased 4% year-on-year to a 10-quarter high of 1,117.7t. Full year demand was virtually unchanged, down just a fraction (-14t) to 4,212t. 

Third quarter gold demand rose by 8% year-on-year, reaching a two-year high of 1,120.9 tonnes. Q3 2015 was a period of two distinct halves: ETF outflows contributed to a price dip in July, which boosted consumer demand around the world.

2015年第2四半期は金にとって試練の四半期となりました。金需要は914.9トンと12％減少し、6年ぶりの低水準になりました。強さが見られた部分もいくつかあったものの、すべての分野で需要が減少しました。供給は前年同期比で5％減少しました。

The contrast between the global picture and the more granular demand data clearly demonstrates the multi-faceted nature of the gold market. The numerous and varying roles that gold plays means it responds to different cues in different ways.