Commodities Buzz: Global Gold Demand Down 8% In June Quarter Says WGC

28 Jul 2022 , 09:04 AM

The World Gold Council or WGC noted in latest Gold demand trends update that world Gold demand (excluding OTC) was 8% lower y-o-y at 948t. Demand for the first half of the year was up 12% to 2,189t. Gold ETFs gave back some of their strong Q1 gains. Global holdings fell by 39t during the quarter, following the 273t of Q1 inflows.
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Central banks continued to buy gold. Global official gold reserves grew by 180t in Q2, taking H1 net purchases to 270t. The Q2 gold jewellery consumption was 4% higher y-o-y. Despite the Q2 strength, global demand has yet to recover to typical pre-pandemic levels. Bar and coin investment was unchanged from Q2’21. A sharp drop in China was offset by growth in India, the Middle East and Turkey.
Total Q2 gold supply rose 5% y-o-y. Mine production reached a H1 record, and recycling volumes were remained elevated.Powered by Commodity Insights