Gold Demand Trends Q2 2024
Gold reached record highs in the second quarter, driven by a combination of continued central bank buying, strong OTC investment and an upturn in Western ETF inflows later in the quarter. Conversely, the high price environment took its toll on jewellery consumption. Total global gold demand, including OTC investment, was 6% higher y/y at 1,258t.
Indian gold import duties reduced to the lowest level in over a decade
Gold import duty was cut by more than half. Long-term capital gains tax on gold has been adjusted down and the holding period decreased. Profits on gold ETFs and mutual funds will no longer be taxed at the short-term capital gains rate if held for at least 12 months. Despite some potential short-term disruptions, we expect the combined effects of these changes to add at least 50t to gold demand in H2 2024.
Unearthed: Physical Gold Market Dynamics ft. Philip Newman, Metals Focus
In this episode, live from the IPMI Conference in Orlando, Florida, hosts John Reade and Joe Cavatoni from the World Gold Council interview Philip Newman, Founding Partner of Metals Focus, to discuss the intricacies of the global bar and coin market.
India’s gold market update: investment demand and central bank purchases soften the slump in jewellery purchasing
Global and domestic gold prices stay elevated, y-t-d gains at 16%. Jewellery demand subdued; investment demand dominant. Significant widening of discounts between domestic and international gold prices. The Reserve Bank of India (RBI) grows its gold reserves with its highest monthly purchase in nearly two years in June. Gold ETFs inflows sustain momentum in June. Steady trend in gold imports.
China’s gold market in June: wholesale demand remained weak while ETFs inflows continued
In June, China’s wholesale gold demand remained weak, ending H1 with little changes compared to 2023. Chinese gold ETFs saw their seventh consecutive monthly inflow, pushing both of their assets under management and holdings to record highs. Meanwhile, the People’s Bank of China reported no gold reserve changes.
Sustained inflows in June narrowed H1 losses
Global physically backed gold ETFs witnessed their second consecutive monthly inflows, attracting US$1.4bn in June. Inflows were widespread, with all regions seeing positive gains except for North America which experienced mild losses for a second month.
Perspectives on the Turkish gold market
Turkey has a long tradition of gold demand and, perhaps better than anywhere else, illustrates the broad role gold can play in modern society.
Gold ownership on the rise among North American professional investors
Our survey of 525 professional investors in North America reveals that gold ownership is commonplace, and many of its investment benefits widely recognised.
