Gold Demand Trends

US demand fell 34% q/q to 124t, but the decline was partially offset by strong gold-backed ETF demand. NA ETF inflows reached $21bn in H1 and are currently on pace for their second strongest year on record. Bullion exports started the year off strong with the US exporting ~268t through May, and are on pace to surpass 2024 volumes.

A second quarter of significant investment in gold-backed ETFs, along with elevated bar and coin buying, drove total Q2 gold demand up 3% y/y to 1,249t. Meanwhile, jewellery consumption weakened further in the face of record gold prices.

第2四半期の金の総需要（OTC投資を含む）は前年同期比3％増の1,249トンでした。金額ベースでは、前年同期比45％と大幅増の1,320億米ドルとなりました。

A sharp upsurge in gold ETF investment, along with elevated bar and coin buying, drove total Q1 gold demand to 1,206t - its highest for a first quarter since 2016. Jewellery consumption was contrastingly weak as the gold price hit successive new record highs during the quarter.

A sharp upsurge in gold ETF investment, along with elevated bar and coin buying, drove total Q1 gold demand to 1,206t - its highest for a first quarter since 2016. Jewellery consumption was contrastingly weak as the gold price hit successive new record highs during the quarter.

Central bank buying – which topped 1,000t for the third year in a row – along with a return of Western ETF investment lifted gold demand to a record of 4,974t (US$382bn). The gold price reached multiple record highs during the year, which weighed on global jewellery consumption.

Central bank buying – which topped 1,000t for the third year in a row – along with a return of Western ETF investment lifted gold demand to a record of 4,974t (US$382bn). The gold price reached multiple record highs during the year, which weighed on global jewellery consumption.

Solid inflows into global gold ETFs in Q3 helped drive 5% y/y growth in total gold demand to a record 1,313t. This was reflected in the gold price, which reached a series of new record highs during the quarter. Jewellery demand weakened as a result, despite an uplift from India.

Solid inflows into global gold ETFs in Q3 helped drive 5% y/y growth in total gold demand to a record 1,313t. This was reflected in the gold price, which reached a series of new record highs during the quarter. Jewellery demand weakened as a result, despite an uplift from India.

金需要は堅調、記録的な高値が広がる。OTC投資と中央銀行が今期も決定的な影響力を持ちました。