Executive Summary
Mixed picture for gold demand in Q1 2023
GDT Q1 2023: Front Cover
Sources:
Metals Focus,
World Gold Council; Disclaimer
Outlook
Expected change in annual demand, 2023 vs 2022*
GDT Q1 2023: Outlook Chart 2
*Data to 31 March 2023. 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
Strength in Q1 gold prices – across all key currencies – accelerated in March*
GDT Q1 2023: Jewellery Chart 1
Sources:
ICE Benchmark Administration,
Refinitiv Datastream,
World Gold Council; Disclaimer
Jewellery demand growth in China stole the show in Q1*
GDT Q1 2023: Jewellery Chart 2
Sources:
Metals Focus,
World Gold Council; Disclaimer
Excluding India and China, jewellery demand in the rest of the world was stable y/y*
GDT Q1 2023: Jewellery Chart 3
Sources:
Metals Focus,
World Gold Council; Disclaimer
Investment
Global gold ETF outflows tapered off to trivial levels in Q1*
GDT Q1 2023: Investment Chart 1
Sources:
Bloomberg,
Company Filings,
ICE Benchmark Administration,
World Gold Council; Disclaimer
Biggest y/y changes in bar and coin investment*
GDT Q1 2023: Investment Chart 2
Sources:
Metals Focus,
World Gold Council; Disclaimer
Central banks
Central bank demand hits Q1 record, maintaining its upward trend*
GDT Q1 2023: Central Banks Chart 1
Sources:
Metals Focus,
Refinitiv GFMS,
World Gold Council; Disclaimer
Net purchases have heavily outweighed sales year-to-date*
GDT Q1 2023: Central Banks Chart 2
Sources:
IMF IFS,
Respective central banks,
World Gold Council; Disclaimer
*Data to 31 March 2023 where available.
Supply
Mine production hit an all-time first-quarter high in Q1-2023*
GDT Q1 2023: Supply Chart 1
Sources:
Metals Focus,
Refinitiv GFMS,
World Gold Council; Disclaimer
*Data to 31 March 2023. Note: Our quarterly records go back to 2000.
Gold recycling activities rose as the gold price climbed*
GDT Q1 2023: Supply Chart 2
Sources:
ICE Benchmark Administration,
Metals Focus,
World Gold Council; Disclaimer
