Gold ETF outflows continue for a fourth straight month on dollar strength
Global gold ETFs registered outflows of 51t (US$2.9bn, 1.4%) in August, in line with price performance. This was the fourth consecutive month of outflows. Funds have now given back two-thirds of the inflows accumulated through April; y-t-d global inflows are 102t (US$7.5bn), with total holdings at 3,651t (US$202bn), up 3.6% on the year.
India’s gold market in July: retail demand tepid but wholesale demand decent
Retail demand is gradually picking up, supported by festivals during the month and ahead of the wedding season. Official imports are expected to pick up during August on the back of improved retail demand.
China’s gold market in July: demand benefited from a lower gold price
While the gold price dip may have provided a short-term boost for local gold demand, we believe a sustained recovery requires reviving economic and income growth, fewer disruptions from coronavirus and more weddings.
Strong gold ETF outflows in July, driven by a weaker gold price and momentum
Global gold ETFs registered outflows of 81t (-US$4.5bn) in July. This was the third consecutive month of outflows and the worst since March 2021. A stronger US dollar and COMEX net long positioning – the lowest since April 2019 – helped push the gold price down through the US$1,800/oz support level.
Gold Demand Trends Q2 2022
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.
India’s gold market in June: retail demand remained muted and imports declined
The domestic gold price declined by 0.7% during June, ending the month at Rs50,809/10g. Retail demand remained muted as the wedding season ended and sowing activity picked up with the onset of the monsoon.
AISC in the gold mining industry reached their highest level on record in Q1’22
In Q1’22, all-in sustaining costs (AISC) increased by 9% q-o-q to reach US$1,232/oz – their highest level on record back to 2012.
China’s gold market in June: wholesale gold demand continued to improve
The Shanghai Gold Price Benchmark PM (SHAUPM) in RMB and LBMA Gold Price AM in USD both trended down in June.
