Chart gallery
28 April, 2022
Q1 gold demand increased y-o-y as strong ETF flows offset weaker jewellery and retail investment
Q1 gold demand increased y-o-y as strong ETF flows offset weaker jewellery and retail investment
Global quarterly demand by sector*
Q1 gold demand increased y-o-y as strong ETF flows offset weaker jewellery and retail investment
Global quarterly demand by sector*
*Data to 31 March 2022.
Source: World Gold Council
Sources: Metals Focus, World Gold Council; Disclaimer
*Data to 31 March 2022
Review and outlook
Mixed prospects for investors and consumers in 2022
Mixed prospects for investors and consumers in 2022
Expected y-o-y tonnage change in annual demand and supply, 2022 vs. 2021*
Mixed prospects for investors and consumers in 2022
Expected y-o-y tonnage change in annual demand and supply, 2022 vs. 2021*
* Range estimates are generated by a combination of inputs including our independent analysis of the gold market, consensus market expectations for the global economy and Metals Focus forecasts, The width of the range reflects our confidence in the outlook, while the ratio of one tail to the other captures whether we skew towards upside or downside risk to our view.
Source: World Gold Council
Sources: World Gold Council; Disclaimer
*Range estimates are generated by a combination of inputs including our independent analysis of the gold market, consensus market expectations for the global economy and Metals Focus forecasts, The width of the range reflects our confidence in the outlook, while the ratio of one tail to the other captures whether we skew towards upside or downside risk to our view.
Jewellery
Value of jewellery demand remained elevated despite weaker tonnage number
Value of jewellery demand remained elevated despite weaker tonnage number
First quarter global jewellery demand in volume and value*
Value of jewellery demand remained elevated despite weaker tonnage number
First quarter global jewellery demand in volume and value*
* Data to 31 March 2022
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 March 2022
China’s gold jewellery demand was relatively resilient
China’s gold jewellery demand was relatively resilient
Chinese first quarter gold jewellery demand and 10-year average
China’s gold jewellery demand was relatively resilient
Chinese first quarter gold jewellery demand and 10-year average
*Data to 31 March 2022
Source: World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 March 2022
Investment
Q1 inflows into gold ETFs were the highest since Q3 2020, erasing outflows seen in 2021*
Q1 inflows into gold ETFs were the highest since Q3 2020, erasing outflows seen in 2021*
Q1 inflows into gold ETFs were the highest since Q3 2020, erasing outflows seen in 2021*
*Data to 31 March 2021. On Goldhub, see: Global gold-backed ETF holdings and flows.
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data to 31 March 2022. On Goldhub, see: Gold ETFs holdings and flows
Retail bar and coin investment fell 20% y-o-y in Q1, but held above 5-year quarterly average
Retail bar and coin investment fell 20% y-o-y in Q1, but held above 5-year quarterly average
Retail bar and coin investment fell 20% y-o-y in Q1, but held above 5-year quarterly average
Quarterly bar and coin demand
Note: Data as of 31 March 2022. *Average is the five-year quarterly average between Q1'17 and Q4'21
Source: Metals Focus, World Gold Council
Sources: Metals Focus, World Gold Council; Disclaimer
*Data to 31 March 2022. * Average is the five-year quarterly average between Q1'17 and Q4'21
Central Banks
Central banks added 84t to global gold holdings
Central banks added 84t to global gold holdings
Net quarterly central bank demand, tonnes*
Central banks added 84t to global gold holdings
Net quarterly central bank demand, tonnes*
*Data to 31 March 2022. On Goldhub, see: Central bank holdings
Source: Metals Focus, Refinitiv GFMS, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 March 2022. On Goldhub, see: Central bank holdings
Egypt and Turkey led official sector buying
Egypt and Turkey led official sector buying
Year-to-date central bank net purchases and sales, tonnes*
Egypt and Turkey led official sector buying
Year-to-date central bank net purchases and sales, tonnes*
*Data to 28 February 2022. Note: chart includes only purchases/sales of 0.5t or above. On Goldhub, see: Central bank holdings
Source: IMF IFS, Respective Central Banks, World Gold Council
Sources: IMF IFS, Respective central banks, World Gold Council; Disclaimer
*Data to 31 March 2022. Note: chart includes only purchases/sales of 0.5t or above. On Goldhub, see: Central bank holdings
Supply
Mine production hit an all-time first-quarter high in Q1-2022*
Mine production hit an all-time first-quarter high in Q1-2022*
Quarterly global gold mine production, tonnes*
Mine production hit an all-time first-quarter high in Q1-2022*
Quarterly global gold mine production, tonnes*
*Data to 31 March 2022.
Source: Metals Focus, World Gold Council
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 March 2022. Note: Our quarter records go back to 2000.
Gold recycling activities rose as the gold price climbed
Gold recycling activities rose as the gold price climbed
Quarterly supply of recycled gold, tonnes, and quarterly average gold price, US$/oz*
Gold recycling activities rose as the gold price climbed
Quarterly supply of recycled gold, tonnes, and quarterly average gold price, US$/oz*
*Data to 31 March 2022.
Source: ICE Benchmark Administration, Metals Focus, World Gold Council
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data to 31 March 2022
Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]
Disclaimer
Copyright and other rights
© 2022 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.
