Chart gallery

Executive summary

 

Gold demand held steady despite ETF outflows

Gold demand held steady despite ETF outflows

Quarterly demand by sector
Gold demand held steady despite ETF outflows
Quarterly demand by sector
Source: Metals Focus, World Gold Council Note: Data as of 31 March 2021. For an explanation of gold market sectors, please see the notes and definitions: www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2021/notes-and-definitions.

Sources: Metals Focus, World Gold Council; Disclaimer

 

Jewellery

 

Strong jewellery demand in China and India underpinned global strength

Strong jewellery demand in China and India underpinned global strength

Quarterly demand by country/region

Strong jewellery demand in China and India underpinned global strength
Quarterly demand by country/region
Source: Metals Focus, World Gold Council Note: Data as of 31 March 2021. For an explanation of jewellery demand, please see the notes and definitions: www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2021/notes-and-definitions.

Sources: Metals Focus, World Gold Council; Disclaimer

Note: Data as of 31 March 2021. For an explanation of jewellery demand, please see the notes and definitions.

 

 

China saw the highest Q1 jewellery demand since 2015, backed by a strong economy

China saw the highest Q1 jewellery demand since 2015, backed by a strong economy

Chinese Q1 jewellery demand compared to GDP growth

China saw the highest Q1 jewellery demand since 2015, backed by a strong economy
Chinese Q1 jewellery demand compared to GDP growth
Source: Metals Focus, National Bureau of Statistics, World Gold Council Note: Data as of 31 March 2021. For an explanation of jewellery demand, please see the notes and definitions: www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2021/notes-and-definitions.

Sources: Metals Focus, National Bureau of Statistics, World Gold Council; Disclaimer

Note: Data as of 31 March 2021. For an explanation of jewellery demand, please see the notes and definitions.

 

Investment

 

Largest global gold ETF outflows since Q4 2016 pulled back AUM to US$195bn

Largest global gold ETF outflows since Q4 2016 pulled back AUM to US$195bn

Quarterly gold ETF demand by region (in tonnes) and total AUM (in US dollars)

Largest global gold ETF outflows since Q4 2016 pulled back AUM to US$195bn
Quarterly gold ETF demand by region (in tonnes) and total AUM (in US dollars)
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council Note: Data as of 31 March 2021. Gold ETFs AUM value is calculated by multiplying the end of period (EoP) gold holdings in tonnes by the end of period LBMA Gold Price PM in US dollars. For a listing of the Exchange Traded Funds and similar products, please see the notes and definitions: www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2021/notes-and-definitions.

Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer

Note: Data as of 31 March 2021. Gold ETFs AUM value is calculated by multiplying the end of period (EoP) gold holdings in tonnes by the end of period LBMA Gold Price PM in US dollars. For a listing of the Exchange Traded Funds and similar products, please see the notes and definitions.

 

 

Retail bar and coin demand jumped to 17-quarter high and above 5 year average

Retail bar and coin demand jumped to 17-quarter high and above 5 year average

Quarterly bar and coin demand by region

Retail bar and coin demand jumped to 17-quarter high and above 5 year average
Quarterly bar and coin demand by region
Sources: Metals Focus, World Gold Council Note: Data as of 31 March 2021. *Average is the five year quarterly average between Q1'16 and Q4'20. For an explanation of total bar and coin demand, please see the Notes and definitions: www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2021/notes-and-definitions.

Sources: Metals Focus, World Gold Council; Disclaimer

Note: Data as of 31 March 2021. *Average is the five year quarterly average between Q1'16 and Q4'20. For an explanation of total bar and coin demand, please see the notes and definitions.

 

 

US gold Eagle Coin sales were very strong during Q1

US gold Eagle Coin sales were very strong during Q1

Gold American Eagle coin sales by quarter*

US gold Eagle Coin sales were very strong during Q1
Gold American Eagle coin sales by quarter*
Source: US Mint, World Gold Council Note: Data as of 31 March 2021. Red bar indicates sales in Q1 of each year. Total sales volumes shown include sales for one ounce, half ounce, quarter ounce, and tenth ounce coins.

Sources: US Mint, World Gold Council; Disclaimer

*To end March 2021. Note: Red bar indicates sales in Q1 of each year.

 

Central Banks and other institutions

 

Central banks bought a healthy 95t in Q1 2021

Central banks bought a healthy 95t in Q1 2021

Central bank demand by country in H1 2021*

Central banks bought a healthy 95t in Q1 2021
Quarterly central bank net purchases and sales in tonnes*
Source: Metals Focus, World Gold Council Note: Data as of 31 March 2021. For an explanation of central bank demand, please see the notes and definitions : www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2021/notes-and-definitions.
  • Thailand90.19t
  • Hungary62.09t
  • Brazil53.74t
  • India28.99t
  • Uzbekistan25.50t
  • Turkey13.5t
  • Cambodia4.97t
  • Poland3.1t
  • Mongolia1.75t
  • Kazhakstan-1.91t
  • United Arab Emirates-2.00t
  • Germany-3.32t
  • Russia-6.22t
  • Phillipines-27.16t

Sources: IMF, respective central banks, World Gold Council; Disclaimer

 

Supply

 

Mine production saw a strong rebound in Q1 2021

Mine production saw a strong rebound in Q1 2021

Year-on-year % change in global mine production*

Mine production saw a strong rebound in Q1 2021
Year-on-year % change in global mine production*
*Data as of 31 March 2021. Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 31 March 2021.

 

 

Gold recycling activities fell amid a lower gold price in the quarter

Gold recycling activities fell amid a lower gold price in the quarter

Recycled supply in tonnes and the gold price (US$/oz)*

Gold recycling activities fell amid a lower gold price in the quarter
Recycled supply in tonnes and the gold price (US$/oz)*
Source: ICE Benchmark Administration, Metals Focus, World Gold Council Note: Data as of 31 December 2020. For an explanation of global recycled gold, please see the notes and definitions : www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2021/notes-and-definitions.

Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer

*Data as of 31 March 2021.