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\nLouise Street, Senior Markets Analyst at the World Gold Council<\/strong><\/p>\n
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OTC investment and central banks remained decisive<\/h3>\n
Gold demand excluding OTC in Q2 was down 6% y\/y to 929t as a sharp decline in jewellery consumption outweighed mild gains in all other sectors. Adding in OTC investment to total gold demand yields a 4% y\/y increase to 1,258t \u2013 the highest Q2 in our data series back to 2000.<\/p>\n
The record gold price environment took its toll on Q2 jewellery consumption: volumes fell 19% y\/y to a four-year low of 391t.<\/p>\n
Central bank net gold buying was 6% higher y\/y at 184t, driven by the need for portfolio protection and diversification.<\/p>\n
A minor 7t decline in global gold ETF holdings in Q2 compared positively with the 21t drop in Q2\u201923. Sizable early outflows were followed by nascent later inflows.<\/p>\n
Retail bar and coin investment was 5% lower at 261t, primarily due to weak demand from Western markets.<\/p>\n
Gold used in technology jumped 11% y\/y, as the AI trend continued to drive demand in the sector.<\/p>\n<\/div>\n
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Highlights<\/h2>\n\n- The LBMA (PM) gold price averaged a record US$2,338\/oz in Q2 \u2013 18% higher y\/y and 13% higher q\/q.<\/strong> Gold reached a new record of US$2,427\/oz in May.<\/li>\n
- OTC investment of 329t was a significant component of Q2 total gold demand. <\/strong>Together with continued central bank buying, it helped drive the price to a series of record highs during the quarter.<\/li>\n
- Total gold supply grew by 4% y\/y to 1,258t.<\/strong> Mine production of 929t was a record for a second quarter. Recycling supply was the highest for a second quarter since 2012, responding to the rising gold price.<\/li>\n
- Regional investment trends continued to diverge.<\/strong> Demand for bars, coins and ETFs, was robust in the East, compared with a marked decline in the West. Western ETF investment flows have, however, started to return so far in Q3.<\/li>\n
- 2024 full year outlook: <\/strong>revived Western investment flows to balance out weaker consumer demand and potentially slower central bank buying vs 2023.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
Source : ETFWorld.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"
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