Chart gallery
31 January, 2023
2022 gold demand almost matched the 2011 record
2022 gold demand almost matched the 2011 record
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*
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
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
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
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*
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*
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*
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*
Sources: Metals Focus, World Gold Council; Disclaimer
*Data to 31 December 2022.
Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]
Copyright and other rights
© 2023 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
Any references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. All third-party content is the intellectual property of the respective third party and all rights are reserved to such party.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate intellectual property owners, except as specifically provided below.
Use of any statistics in this information is permitted for the purposes of review and commentary in line with fair industry practice, subject to the following pre-conditions: (i) only limited extracts may be used; and (ii) any use must be accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus, Refinitiv GFMS, or other identified third party, as their source.
World Gold Council does not guarantee the accuracy or completeness of any information and does not accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is not a recommendation or an offer for the purchase or sale of gold or any products, services, or securities.
This information contains forward-looking statements which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There is no assurance that any forward-looking statements will be achieved.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither WGC nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.