Chart gallery

31 January, 2023

Executive Summary

 

2022 gold demand almost matched the 2011 record

2022 gold demand almost matched the 2011 record

2022 gold demand almost matched the 2011 record
Sources: Metals Focus, World Gold Council; Disclaimer Data to 31 December 2022.

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

Data to 31 December 2022.

Outlook

 

Expected change in annual demand, 2023 vs 2022*

Expected change in annual demand, 2023 vs 2022*

Expected change in annual demand, 2023 vs 2022*
Sources: Metals Focus, World Gold Council; Disclaimer *Technology demand has been removed due to its small relative contribution

Sources: World Gold Council; Disclaimer

*Data to 31 December 2022. Fabrication combines global jewellery and technology demand. Investment includes ETFs, bar and coin and OTC demand., Supply includes mine production and recycling. We have omitted hedging and assume it to be unchanged.

Jewellery

 

Global jewellery demand: resilient in the face of China’s sharp slowdown*

Chinese gold jewellery consumers were thwarted by lockdowns in 2022

Chinese gold jewellery consumers were thwarted by lockdowns in 2022
* Average annual Chinese jewellery consumption 2012-2021. Data to 31 December 2022. Source: Metals Focus; World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 December 2022.

Investment

 

2022 saw a more moderate decline in holdings than 2021

2022 saw a more moderate decline in holdings than 2021

2022 saw a more moderate decline in holdings than 2021
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer Data to 31 December 2022.

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

*Data to 31 December 2022.

 

Western retail investors bought record volumes of gold

Western retail investors bought record volumes of gold

Western retail investors bought record volumes of gold
Sources: Metals Focus, World Gold Council; Disclaimer Data to 31 December 2022.

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 December 2022.

Central Banks

 

Central bank buying in 2022 was the second highest on record*

Central bank buying in 2022 was the highest on record*

Central bank buying in 2022 was the highest on record*
*Data to 31 December 2022. Source: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 December 2022.

Supply

 

Mine production grew 1% in 2022 but remained below peak*

Mine production grew 1% in 2022 but remained below peak*

Mine production grew 1% in 2022 but remained below peak*
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer *Data to 31 December 2022.

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 December 2022.

 

Recycling increased 1% in 2022 but is 30% below all-time highs*

Recycling increased 1% in 2022 but is 30% below all-time highs*

Recycling increased 1% in 2022 but is 30% below all-time highs*
*Data as of 31 December 2022. Sources: Metals Focus, Refinitiv GFMS, World Gold Council

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 December 2022.

 

Recycling demand in Q4 and 2022 saw regional variations*

Recycling demand in Q4 and 2022 saw regional variations*

Recycling demand in Q4 and 2022 saw regional variations*
Sources: Metals Focus, World Gold Council; Disclaimer *Data to 31 December 2022.

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 31 December 2022.

Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]