Chart Gallery
30 July, 2024
Chart 1: Total gold demand reached its highest Q2 on record
Q2 total gold demand by sector, tonnes*
Chart 1: Total gold demand reached its highest Q2 on record
Q2 total gold demand by sector, tonnes*
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 30 June 2024.
Chart 2: Resurgent investment flows likely to more than offset weaker jewellery demand in 2024
Expected change in annual gold demand and supply 2024 v 2023, tonnes*
Chart 2: Resurgent investment flows likely to more than offset weaker jewellery demand in 2024
Expected change in annual gold demand and supply 2024 v 2023, tonnes*
Sources: World Gold Council; Disclaimer
*Data as of 30 June 2024.
Chart 3: Western gold ETFs remain under-owned – but the tide seems to be turning with recent inflows
Holdings of North American- and European-listed gold ETFs and money manager net long positioning on COMEX, tonnes*
Chart 3: Western gold ETFs remain under-owned – but the tide seems to be turning with recent inflows
Holdings of North American- and European-listed gold ETFs and money manager net long positioning on COMEX, tonnes*
Sources: Bloomberg, U.S. Commodity Futures Trading Commission, COMEX, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data as of 30 June 2024.
Chart 4: Q2 saw record high gold prices…which have largely been surpassed in July
Daily gold price in key currencies, indexed to 1 January 2024*
Chart 4: Q2 saw record high gold prices…which have largely been surpassed in July
Daily gold price in key currencies, indexed to 1 January 2024*
Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data as of 19 July 2024.
Chart 5: Record prices and fragile economic growth weighed on Chinese demand
Quarterly Chinese gold jewellery consumption, tonnes and value, US$bn*
Chart 5: Record prices and fragile economic growth weighed on Chinese demand
Quarterly Chinese gold jewellery consumption, tonnes and value, US$bn*
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 30 June 2024.
Chart 6: Widespread weakness in jewellery demand prompted by record prices
Change in Q2 gold jewellery demand, y/y %*
Chart 6: Widespread weakness in jewellery demand prompted by record prices
Change in Q2 gold jewellery demand, y/y %*
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 30 June 2024.
Chart 7: Sentiment turns more positive on global gold ETFs
Regional gold-backed ETF quarterly changes, tonnes, and AUM, US$bn*
Chart 7: Sentiment turns more positive on global gold ETFs
Regional gold-backed ETF quarterly changes, tonnes, and AUM, US$bn*
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data as of 30 June 2024.
Chart 8: Strongest first half year for retail investment in China in over a decade
Chinese gold bar and coin investment, tonnes*
Chart 8: Strongest first half year for retail investment in China in over a decade
Chinese gold bar and coin investment, tonnes*
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 30 June 2024.
Chart 9: Modest y/y decline in investment conceals diverging West and East trends
Chart 9: Modest y/y decline in investment conceals diverging West and East trends
Regional quarterly gold bar and coin investment, tonnes, and the average quarterly gold price, US*
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data as of 30 June 2024.
Chart 10: Central bank gold demand in H1 was the highest on record
Central bank gold demand by quarter*
Chart 10: Central bank gold demand in H1 was the highest on record
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 30 June 2024.
Chart 11: Gold’s role as a hedge and diversifier are front and centre for central banks
How relevant are the following factors in your organisation’s decision to hold gold?*
Chart 11: Gold’s role as a hedge and diversifier are front and centre for central banks
How relevant are the following factors in your organisation’s decision to hold gold?*
Sources: YouGov, World Gold Council; Disclaimer
*Base: All central banks that hold gold (57); advanced economy (18); EMDE (39). Ranked by “highly relevant” plus “somewhat relevant”.
Chart 12: Mine production hit an all-time H1 high in 2024
Mine production in tonnes*
Chart 12: Mine production hit an all-time H1 high in 2024
Mine production in tonnes*
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 30 June 2024.
Chart 13: Recycled gold volumes increased to 684t in H1, the highest first half since 2012
Rolling 4-quarter total of recycled gold in tonnes*
Chart 13: Recycled gold volumes increased to 684t in H1, the highest first half since 2012
Recycled gold in tonnes*
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 30 June 2024.
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