Outflows slowed in October, but holdings now down y-t-d
Global gold ETFs saw a net outflow of 59t (US$3bn) in October, the sixth straight month of declines in holdings. In October, y-t-d changes in gold ETF holdings turned negative for the first time in 2022, now 1% lower on the year
Gold Demand Trends Q3 2022
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.
Sky high: recent surge in Shanghai-London gold price spread
The local Chinese gold price premium has been surging lately: September’s average reached the highest monthly level for nearly six years.
More gold ETF outflows in September as gold remained under pressure
Global gold ETFs posted their fifth consecutive month of net outflows in September as holdings dropped by a further 95t (US$5bn). This is also the largest monthly outflow since March 2021 (107t).
India’s gold market in September: retail demand healthy and outlook strong
Healthy retail demand in September drove the local price briefly into premium, but market dynamics generated a discount for much of the month. Indian gold ETFs witnessed a marginal net inflow of 0.4t in September as a domestic gold price correction enticed investors back into gold
Rising energy prices push AISC to a record high in Q2’22
In Q2’22 costs in the gold mining industry continued rising. The average all-in sustaining cost (AISC) reached a new record high of US$1,289/oz, up 3% q/q and 18% y/y. The average industry AISC has now sequentially increased almost every quarter since Q2’20, rising by 33% over this period.
India's gold jewellery market structure
India’s gold market is steeped in tradition and still highly fragmented. However, over the last few years the industry has become more organised and regulated.
China’s gold market in August: local price premium extended its rise
The Shanghai Gold Price Benchmark PM (SHAUPM) in RMB rose by 0.5% in August while the LBMA Gold Price AM in USD saw a 2.6% fall. The average Shanghai-London gold price spread climbed further in the month, driven by stronger demand
