Average quarterly and annual gold spot prices are in US$/oz, unless otherwise specified. Current futures open interest on the nine major global gold futures exchanges. A long-term time series of the gold price in a range of currencies from 1978. Indian gold ETFs witnessed marginal inflows of 0.2t in March, primarily driven by the correction in the gold price which might have spurred investor interest. In addition, despite the prospect of higher nominal rates, both nominal and real yields remain historically low.
The post-COVID economic recovery and supply-side disruptions, which have been exacerbated by the Russia–Ukraine war, will likely keep inflation higher for longer. The start of November saw gold pressured by higher opportunity costs and a Republican clean sweep. Global gold ETFs shed an estimated US$809mn (12t) during the first week of November, with the bulk of outflows stemming from North America, which were partially offset by strong Asian inflows. Potentially signalling renewed fears around the resumption of the trade war between the US and China. Additionally, COMEX net positioning also fell 74 tonnes, an 8% drop from the prior week.
Gold trading volumes climbed further
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. 1Recent comments from BoE Governor Andrew Bailey about a “historic shock” to UK growth and incomes could easily be echoed in other key markets. However, the Republican sweep has gone hand-in-hand with an acceleration of the run up in yields and a quick reversal higher in the dollar index as well – driven by a sharp and nervous move lower in the euro and yen. 1Over-the-counter (OTC) transactions (also referred to as ‘off exchange’ trading) take place directly between two parties, unlike exchange trading which is conducted via an exchange.
In addition, demand for gold in technology recovered 10% year-on-year driven by the AI boom in the electronics sector. A cross-sectional look at the correlation of gold to other major asset classes.
Chart 3: Gold outperforms during phases of 3m/10y curve flattening*
Gold-backed ETFs and similar products account for a significant part of the gold market, with institutional and individual investors using them to implement many of their investment strategies. Flows in ETFs often highlight short-term and long-term opinions and desires to holding gold. The data on this page tracks gold held in physical form by open-ended ETFs and other products such as close-end funds, and mutual funds.
Table 1: Regional changes in gold-backed ETF holdings in Q1*
A comprehensive time series of gold demand – broken down by sector and country – and gold supply – broken down by mine production, recycling and producer hedging. † ‘Global Inflows/positive demand’ refers to the sum of changes of all funds that saw a net increase in holdings over a given period (e.g., month, quarter, etc.). Conversely, ‘global outflows/negative demand’ aggregates changes from funds that saw holdings decline over the same period. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements. “A number of factors are behind the recent surge including heightened geopolitical risk and ongoing macroeconomic uncertainty driving safe-haven demand for gold. In addition, the continued and resolute demand from central banks, strong OTC investment and increased net buying in the derivatives market, have all contributed to the higher price of gold. The Gold Outlook 2022 outlined our expectation for the competing forces of higher, more persistent inflation and rising rates to be the biggest influences on gold’s performance.
This is a comprehensive time series of gold demand – broken down by sector and country – and gold supply – broken down by mine production, recycling and producer hedging. We value your opinion – The World Gold Council would like to contact professional investors like yourself to participate in focus groups, surveys and share your feedback on the World Gold Council website experience. Data on central bank gold holdings, sales and purchases, as well as insights from annual surveys into central bank attitudes towards gold.
- We value your opinion – The World Gold Council would like to contact professional investors like yourself to participate in focus groups, surveys and share your feedback on the World Gold Council website experience.
- Data on central bank gold holdings, sales and purchases, as well as insights from annual surveys into central bank attitudes towards gold.
- By receiving this information, you agree with the intended purpose of this information as being for educational purposes only.
- Neither the World Gold Council nor any of its affiliates (collectively, “WGC”) guarantees the accuracy or completeness of any information.
Meanwhile, South Africa continues to benefit from cooling inflation, paving the way for a higher probability of rate cuts7 and driving the country’s six-month inflow streak. Neither WGC nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations. “Interestingly, we are witnessing shifting behaviour trends from Eastern and Western investors. Typically, investors in Eastern markets are more responsive to the price, waiting for a dip to buy, whereas Western investors have historically been attracted to a rising price, tending to buy into the rally. In Q1, we saw those roles reversed with investment demand in markets such as China and India growing considerably as the gold price surged.
Consistent and substantial purchases by the official sector highlight gold’s importance in international reserve portfolios amidst market volatility and increased risk. The World Gold Council’s Q Gold Demand Trends report reveals that total global gold demand (inclusive of OTC purchases) was up 3% year-on-year to 1,238t, marking the strongest first quarter since 2016. Demand excluding OTC fell 5% to 1,102t in Q1 compared to the same period in 2023. This data set provides the gold price over a range of timeframes (daily, weekly, monthly, annually) going back to 1978, and in the major trading, producer, and consumer currencies. Gold not only has a spot price, but it also has the LBMA Gold Price, as wcg gold price well as several regional prices. The LBMA Gold Price is used as an important benchmark throughout the gold market, while the other regional gold prices are important to local markets.