The central bank gold purchases remained strong during the quarter, with an estimated addition of around 400t.
SEATTLE (Scrap Monster): The World Gold Council (WGC) published Gold Demand Trends Report for Q3 2022.
As per the report, gold demand remained firmer during the quarter. The quarterly demand totalled 1,181t, significantly higher by 28% upon comparison with the corresponding quarter a year before. The jump in demand was mainly driven by robust consumer and central bank purchases. The year-to-date demand rose 18% over 2021, thus returning to pre-pandemic levels.
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The Q3 jewellery consumption recorded 10% jump year-on-year to 523t. The year-to-date demand too was up marginally by 2% at 1,454t.
The 227t outflows from gold ETFs more than offset 36% year-on-year growth in bar and coin investment during the quarter, which totalled 351t. The total investment demand stood lower by 47% at 124t. The OTC gold demand witnessed significant contraction during the quarter, WGC report said.
The central bank gold purchases remained strong during the quarter, with an estimated addition of around 400t. The technology demand for gold fell by 8%.
Meantime, total gold supply recorded marginal increase by 1% over the previous year to 1,215t. The gold mine production recorded sixth straight quarter of year-on-year growth. However, supply of recycled gold declined in Q3 this year.
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