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Strategies & Market Trends : Currents of Currency

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From: Ahda

11/9/2017 12:52:22 PM

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Gold Demand Trends Third Quarter 2017

The third quarter saw a 9% year-on-year drop in gold demand to 915t. Year-to-date demand was similarly weak, down by 12%.

ETFs had another quarter of positive inflows, but - at 18.9t - they fell far short of the 144.3t influx in Q3 2016.

A softer quarter in the jewellery sector (-3%) accounted for 17t of the y-o-y decline. Demand from other sectors firmed: central banks bought a healthy 111t of gold (+25% y-o-y) while bar and coin investment strengthened by 17% (to 222.3t), albeit from a low base.

Total supply dropped by 2% as both mine production and recycling contracted.

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Key highlights

Gold jewellery demand fell in Q3
Jewellery volumes continue to languish below longer-term average levels.
A relatively weak quarter in India was the main reason for the y-o-y decline in Q3.

Inflows into gold-backed ETFs stalled: holdings grew by just 18.9t
Investors continued to favour gold’s risk-hedging properties, but the greater focus was on surging stock markets.

Gold bar and coin demand growth was driven in large part by China
Global investment demand for bars and coins rose by 17%, from relatively weak year-earlier levels. Mainland investors bought on price dips, clocking up a fourth consecutive quarter of growth.

Volumes of gold used in Technology increased for the fourth consecutive quarter
Strong demand for LEDs and continued growth in the use of 3D sensors in new smartphones boosted demand.

Forward

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The World Gold Council’s leading industry publication on gold demand trends, analysed by both sector and geography.

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Gold demand statistics
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