Gold Demand Trends

Central banks gold buying maintained a historic pace but fell short of the Q3’22 record. Jewellery demand softened slightly in the face of high gold prices, while the investment picture was mixed.

Central bank buying slowed in Q2 but remained resolutely positive. This, combined with healthy investment and resilient jewellery demand, created a supportive environment for gold prices.

Continued momentum in central bank buying and resurgent Chinese consumer demand contrasted with a negative contribution from ETFs and weakness in India.

Colossal central bank purchases, aided by vigorous retail investor buying and slower ETF outflows, lifted annual demand to an 11-year high. Annual gold demand (excluding OTC) jumped 18% to 4,741t, almost on a par with 2011 – a time of exceptional investment demand. The strong full-year total was aided by record Q4 demand of 1,337t.

中央銀行による大量の買い入れに、活発な 個人投資家の購入やETFからの流出の鈍化 が加わって、年間需要は11年ぶりの高水準 に達しました 年間金需要(OTC を除く)は 18%増の 4,741 トンに急増しました。これは投 資需要が異例の大きさだった 2011 年に匹敵します。第 4 四半期の需要が 1,337 トンと過去最高を記録したことが、年間総需要の力強さを支えました。

第 3 四半期の金需要（OTC を除く）は、前年同期比で 28％増の 1,181 トンでした。年初来の累計需要は前年同期比で 18％増加し、コロナ前のレベルに戻りました。

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.

Gold demand softened in Q2. Despite Q2 weakness, strong first quarter ETF inflows fuelled a notable H1 recovery Gold demand (excluding OTC) was 8% lower y-o-y at 948t. Combined with Q1 this took H1 demand to 2,189t, up 12% y-o-y.

Gold market sees solid start to 2022
Q1 gold demand was 34% above Q1 2021, driven by strong ETF inflows. In a quarter that saw the US dollar gold price rise by 8%, gold demand (excluding OTC) increased 34% y-o-y to 1,234t – the highest since Q4 2018 and 19% above the five-year average of 1,039t. 

Strong Q4 lifts full year demand 10%

Annual demand recovered across virtually all sectors – the notable exception being ETFs, which saw net annual outflows