Featured Report
Gold Outlook 2024
As we look forward to 2024, we explore three economic scenarios and their likely impact on gold. Historically, gold has had a flat performance during consensus-favoured ‘soft landings’; however, geopolitical risks, central bank buying and the spectre of a recession may provide additional support for gold.
Gold Demand Trends Q3 2023
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.
Gold Mid-year Outlook 2023: Between a soft and a hard place
Developed market central banks are nearing the end of their tightening cycles.1 For now, market consensus points to a mild contraction in the US in late 2023 and slow growth in developed markets.
2023 Central Bank Gold Reserves Survey
Following a historical high level of central bank gold buying, gold continues to be viewed favourably by central banks. Our 2023 survey revealed that 24% of central banks intend to increase their holding reserves in the next 12 months.
Recession concerns sustain gold ETF inflows in April
Global gold ETFs continued to see positive demand in April: net inflows totalled US$824mn while holdings increased 15t. North American funds led global inflows, adding nearly US$1bn. Fund flows in Europe turned negative again in the month (-US$223mn), led by Germany.
Gold Demand Trends Q1 2023
Continued momentum in central bank buying and resurgent Chinese consumer demand contrasted with a negative contribution from ETFs and weakness in India.
Gold Market Primer: Market size and structure
Gold is an attractive means of helping investors diversify their portfolios. Its relative scarcity supports its long-term investment appeal. But its market size is large enough to make it relevant for a wide variety of investors, from individuals to institutions and central banks.
The banking crisis fuelled gold ETF inflows in March
Global physically backed gold ETFs saw net inflows of US$1.9bn in March - the first inflows for ten months - as the banking crisis fuelled demand. But the recent inflows were not enough to prevent a net quarterly outflow of US$1.5bn. Regionally, European funds accounted for the bulk of the global outflows in Q1.
Gold ETF outflows continued in February amid weak gold prices
Global physical gold ETFs saw another outflow of US$1.7bn (-34t, 1.0%), their tenth consecutive monthly loss. Outflows were widespread, with the exception of funds in the Other region.
Gold ETF outflows in Europe and Asia outweighed North American inflows in January
Global physically backed gold ETFs kicked off 2023 with net outflows of US$1.6bn in January and a 26t (-0.8%) decline in total holdings to 3,446t. While the gold price witnessed its strongest January in a decade, registering a gain of 6.1%, gold ETF outflows in Europe and Asia dwarfed positive demand in North America and the Other region.
