Gold Demand Trends Q2 2015

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Categories: Supply and demand, Investment

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Gold demand declined to 914.9t in the second quarter – a 12% year-on-year drop – as consumers faced a number of challenges. Jewellery demand came under pressure from negative consumer sentiment, while investment was undermined by stock market gains and a lacklustre price environment. On a half-yearly basis, global demand was 6% down at 1998.9t. The outlook for the second half of the year is more optimistic; there are signs that the recent drop in the gold price has sparked a revival in demand since the end of June.

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Re-emergence of Greek crisis has seen investors turn to gold

Re-emergence of Greek crisis has seen investors turn to gold
Gold investors in Europe adopted a more positive stance towards gold than those in most other markets. Demand for bars and coins grew 19% year-on-year to 46.5t and investment in European ETFs increased by 6.6 tonnes (t) during the second quarter.

Slowing economic growth has affected Chinese consumer sentiment and gold

Slowing economic growth has affected Chinese consumer sentiment and gold
Chinese demand shrank 5% to 174.4t in Q2 2015. Slowing GDP growth and stock market volatility have weakened consumer sentiment, which had negative implications for gold demand.

Gold exploration/development activity continues to decline

Gold exploration/development activity continues to decline
The Pipeline Activity Index from SNL Metals & Mining shows a three-year decline in exploration and development activity by gold miners, who have been squeezed by lower gold prices and stubbornly high costs.

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Gold Demand Trends second quarter 2015 - video

Alistair Hewitt, Head of Market Intelligence is interviewed on the findings of the World Gold Council’s Q2 2015 Gold Demand Trends report.

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Demand statistics (in tonnes and value)

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      2013 2014 2015 Q2'15 vs Q2'14
Tonnes 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 % chg
Jewellery 2,673.2 2,462.9 628.4 616.0 618.1 594.5 593.7 656.6 603.4 513.5 -14
Technology 354.3 346.5 87.4 84.4 82.2 86.3 87.7 90.4 81.6 85.5 -1
Electronics 248.6 277.6 61.7 59.7 65.3 68.8 70.5 73.0 64.9 68.2 -1
Other Industrial 82.7 49.0 20.1 19.5 11.5 12.6 12.3 12.6 11.9 12.6 0
Dentistry 23.0 19.9 5.6 5.2 5.3 4.9 4.9 4.8 4.7 4.7 -4
Investment 785.6 820.2 202.2 161.0 267.9 199.9 182.5 169.9 275.5 178.5 -11
Total bar and coin demand 1,702.0 1,004.4 320.9 346.5 281.5 237.8 223.0 262.0 252.1 201.4 -15
Physical Bar demand 1,335.8 725.7 262.4 261.4 201.3 170.6 166.5 187.4 191.5 152.3 -11
Official Coin 266.3 204.6 42.2 67.0 64.4 49.2 36.1 54.9 45.9 36.2 -26
Medals/Imitation Coin 99.9 74.0 16.4 18.0 15.8 18.1 20.4 19.7 14.6 12.9 -29
ETFs & similar products* -916.3 -184.2 -118.7 -185.5 -13.6 -37.9 -40.5 -92.1 23.4 -22.9 -
Central bank & other inst. 625.5 590.5 138.9 150.0 119.8 157.2 179.5 133.9 123.6 137.4 -13
Gold demand 4,438.6 4,220.1 1,056.8 1,011.5 1,087.9 1,038.0 1,043.5 1,050.8 1,084.0 914.9 -12
LBMA Gold price, US$/oz 1,411.2 1,266.4 1,326.3 1,276.2 1,293.1 1,288.4 1,281.9 1,201.4 1,218.5 1,192.4 -7
      2013 2014 2015 Q2'15 vs Q2'14
US$mn 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 % chg
Jewellery 121,288.9 100,279.4 26,794.2 25,274.9 25,694.7 24,627.6 24,470.5 25,361.3 23,636.3 19,684.7 -20
Technology 16,074.2 14,108.9 3,725.7 3,464.2 3,415.5 3,575.3 3,613.1 3,491.4 3,197.6 3,277.5 -8
Electronics 11,277.2 11,303.6 2,631.0 2,451.3 2,716.0 2,851.7 2,905.4 2,818.0 2,544.3 2,612.9 -8
Other Industrial 3,753.3 1,994.3 856.8 798.9 478.1 520.8 506.5 487.4 467.4 483.6 -7
Dentistry 1,043.6 811.0 237.9 214.0 221.4 202.7 201.2 186.0 185.8 181.0 -11
Investment 35,646.4 33,394.3 8,621.1 6,605.3 11,135.5 8,280.6 7,522.8 6,562.4 10,791.8 6,842.9 -17
Total bar and coin demand 77,221.7 40,893.3 13,684.1 14,215.3 11,701.7 9,851.9 9,192.5 10,120.4 9,874.6 7,720.9 -22
Physical Bar demand 60,607.7 29,548.8 11,188.0 10,725.4 8,367.9 7,065.5 6,861.7 7,238.3 7,501.6 5,837.8 -17
Official Coin 12,080.5 8,331.4 1,797.4 2,751.0 2,676.1 2,037.4 1,489.9 2,121.2 1,800.0 1,388.7 -32
Medals/Imitation Coin 4,533.5 3,013.0 698.7 739.0 657.7 748.9 840.9 760.8 573.0 494.5 -34
ETFs & similar products* -41,575.4 -7,499.0 -5,063.0 -7,610.0 -566.2 -1,571.3 -1,669.8 -3,558.0 917.2 -878.1 -
Central bank & other inst. 28,379.3 24,043.7 5,922.0 6,154.9 4,982.1 6,511.7 7,400.1 5,173.5 4,840.4 5,267.4 -19
Gold demand 201,388.7 171,826.3 45,063.0 41,499.3 45,227.9 42,995.1 43,006.4 40,588.6 42,466.1 35,072.5 -18

 

*For a listing of the Exchange Traded Funds and similar products click here for more information.

Source: Metals Focus, ICE Benchmark Administration, World Gold Council

 

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