Chart Gallery
30 April, 2024
Chart 1: Q1 demand was in line with its 10-term average
Quarterly gold demand by sector and 10-year quarterly average, tonnes*
Q1 demand was in line with its 10-term average*
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 2: Investment likely to rise on geopolitics and delayed rate cuts
Expected change in annual gold demand and supply, tonnage, 2024 v 2023*
Chart 2: Investment likely to rise on geopolitics and delayed rate cuts
Sources: World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 3: After a slow start to Q1, March saw gold prices off to the races
Daily gold price in key currencies, indexed to 1 Jan 2024*
After a slow start to Q1, March saw gold prices off the races
Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data as of 12 April 2024.
Chart 4: Jewellery demand volumes resilient, values rampant
Q1 gold jewellery consumption, tonnes and US$ value*
Jewellery demand volumes resilient, values rampant
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 5: European and North American gold ETFs saw outflows while Asian funds continued to gain assets
Quarterly change in gold-backed ETFs, tonnes*
European gold ETFs were laggards in Q1
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 6: Eastern bar and coin investment takes market share from the West
Quarterly net gold bar and coin investment, tonnes, and the average quarterly gold price, US$/oz*
Eastern bar and coin investment takes market share from the West
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 7: Turkish investment demand reached eye-watering values in Q1
Quarterly Turkish net gold bar and coin investment, tonnes and US$ value*
Turkish investment demand reached eye-watering values in Q1
Sources: Bloomberg, ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 8: Central banks carry gold buying momentum into 2024
Central bank net purchases, tonnes*
Central banks carry gold buying momentum into 2024
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 9: Turkey, China and India led the way as buying outweighed sales during Q1
Year-to-date central bank net purchases and sales by country*
Turkey, China and India led the way as buying outweighed sales during Q1
Sources: IMF IFS, Respective central banks, World Gold Council; Disclaimer
*Data as of 31 March 2024, where available. Note: chart includes net purchases/sales of a tonne or more.
Chart 10: Solid AI-driven recovery in electronics boosts total sector demand
Quarterly gold volumes used in technology and the five-year quarterly average, tonnes*
Solid AI-driven recovery in electronics boosts total sector demand
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 11: Mine production hit a new first quarter record in 2024
Q1 global gold mine production, tonnes*
Mine production hit a new first quarter record in 2024
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 12: Recycled gold rose to its highest level since Q3 2020
Quarterly supply of recycled gold, tonnes*
Recycled gold rose to its highest level since Q3 2020
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]
Copyright and other rights
© 2024 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.
