Featured Report
2022 Chinese gold jewellery market insights
The notable rebound in Q3 Chinese gold jewellery demand from the COVID-stricken Q2 and easing COVID restrictions paints a bright picture for the future. And our third annual gold jewellery retailer survey with China Gold News suggest that opportunities abound.
Gold Outlook 2023: The global economy at a crossroads
The global economy is at an inflection point after being hit by various shocks over the past year. The biggest was induced by central banks as they stepped up their aggressive fight against inflation.
ETF holdings dwindle in November
Global gold ETFs registered their seventh consecutive month of net outflows in November. But outflows slowed to a relatively modest 33t (US$1.8bn), having also decelerated m-o-m in October (to -59t).
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.
Gold Market Commentary
Gold fell for the sixth consecutive month, dropping 2.6% to finish September at US$1,671.8/oz. It was a challenging month for most assets, with global equities down 9.5%, global bonds down 5.1% and commodities down 8.4%.
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).
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.
Gold Market Commentary
Gold ended August lower m-o-m, down 2% to US$1,715.9/oz – its fifth consecutive monthly decline. The promising bounce that began in mid-July ran out of steam in mid-August after failing to break the US$1,800/oz resistance level.
Investment Update: The case for gold in UK Defined Benefit Schemes
With the rapid growth in funding ratios over the past year, an increasing number of UK defined benefit (DB) pension schemes have been contemplating their investment approach for the endgame – the point at which a plan moves from being underfunded to being fully funded or even having a surplus.
