Gold Demand Trends

Solid inflows into global gold ETFs in Q3 helped drive 5% y/y growth in total gold demand to a record 1,313t. This was reflected in the gold price, which reached a series of new record highs during the quarter. Jewellery demand weakened as a result, despite an uplift from India.

Gold reached record highs in the second quarter, driven by a combination of continued central bank buying, strong OTC investment and an upturn in Western ETF inflows later in the quarter. Conversely, the high price environment took its toll on jewellery consumption. Total global gold demand, including OTC investment, was 6% higher y/y at 1,258t.

金需要は堅調、記録的な高値が広がる。OTC投資と中央銀行が今期も決定的な影響力を持ちました。

Central banks continued to buy gold at pace in a quarter that saw the gold price reach a series of record highs. Bar and coin investment was firmer, offsetting continued outflows from ETFs. Inclusive of sizable OTC buying by investors, total gold demand increased 3% y/y to 1,238t – the strongest first quarter since 2016.

価格を押し上げたのは中央銀⾏とOTC。消費者の健全な購⼊がさらなるサポートとなりました。今期（2024年第1四半期）の金需要（OTC需要を除く）は、ETFの流出が続いたことから、前年同期比5％減の1,102トンとなりました。投資家による旺盛なOTC購入を含めると、金の総需要は前年同期比3％増の1,238トンとなり、第1四半期としては2016年以来の最高となりました。

The World Gold Council’s Gold Demand Trends report reveals that annual gold demand (excluding OTC) fell to 4,448t in 2023, down just 5% from a notably strong 2022. When factoring in demand from the OTC markets and other sources, total demand climbed to a new annual record at 4,899t.

強力な需要を反映する高い金価格。2023年もまた中央銀行は猛烈な勢いで金を購入し、宝飾品消費の底堅さも相まって、ETFからの大規模な流出を相殺しました。

Central banks gold buying maintained a historic pace but fell short of the Q3’22 record. Jewellery demand softened slightly in the face of high gold prices, while the investment picture was mixed.

Central bank buying slowed in Q2 but remained resolutely positive. This, combined with healthy investment and resilient jewellery demand, created a supportive environment for gold prices.

Continued momentum in central bank buying and resurgent Chinese consumer demand contrasted with a negative contribution from ETFs and weakness in India.