Adam Webb
Former Director of Mine Supply Metals FocusGold miners’ average AISC resumes rising trend in Q1’23 and reaches a new record high
Costs in the gold mining industry resumed their upward trajectory in the first quarter of this year. This followed a short-lived break in Q4’22, when gold miners’ average all-in sustaining costs (AISC) had fallen by 1% q/q. Prior to this, costs had risen for the past three consecutive quarters, stretching back to Q1’22.
Johan Palmberg
Senior Quantitative Analyst World Gold CouncilThe drivers behind gold’s June and H1 performance
Krishan Gopaul
Senior Analyst, EMEA World Gold CouncilCentral banks remained net sellers in May but picture improves
Global central banks reported net sales of 27t in May, less than half the net sales seen in April. Excluding Türkiye’s sales, the trend in central bank buying is still in place.
Krishan Gopaul
Senior Analyst, EMEA World Gold CouncilThe evolving picture of global gold production
Annual gold production rank in 2022 was unchanged y/y amongst the five largest gold producing nations, with China still the world's largest gold producer. Extending this to the top 20 countries, things look very different compared to 2010. But, more broadly, global gold mine production remains geographically diverse.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in May: gold reserves saw the seventh consecutive rise but wholesale demand weakened
Gold prices failed to extend the momentum of the previous month. Factors such as a strong dollar and rising yields weighed on the USD gold price in the month. But due to a 3% depreciation in the local currency against the dollar, the SHAUPM in RMB strengthened.
Krishan Gopaul
Senior Analyst, EMEA World Gold CouncilCentral bank demand flipped negative in April amid Turkish selling
Central bank gold reserves declined by 71 tonnes in April, primarily due to Turkish selling. Despite this, we expect central banks to remain net buyers in 2023, supported by their overall positive sentiment towards gold reserves.
Ray Jia
Research Head, China World Gold CouncilChina’s gold market in April: wholesale demand down but gold reserves rose for the sixth consecutive month
Key highlights:
- The LBMA Gold Price AM in USD rose by 0.2% in April while the Shanghai Gold Benchmark PM (SHAUPM) in RMB saw a 0.7% gain, due mainly to a depreciating RMB against the USD
- The average Shanghai-London gold price premium fell sharply in April amid easing local supply and demand conditions
Krishan Gopaul
Senior Analyst, EMEA World Gold CouncilGlobal central bank gold reserves remained flat in March
According to the IMF, reported global central bank gold reserves remained virtually unchanged in March. Available data shows purchases almost perfectly offset sales, resulting in a net increase of 0.2 tonnes.
Ray Jia
Research Head, China World Gold CouncilShunto, stagflation and gold
The 2023 “Shunto” sent positive signals to Japanese employees regarding possible pay increases amid a backdrop of elevated inflation in the region. Shunto – the wage negotiations between major corporations and unions that take place every March – provides pay level guidance for all Japanese employers, large and small.
Adam Webb
Former Director of Mine Supply Metals FocusGold miners’ costs reached a record high in 2022 but dropped in the final quarter of the year
In 2022, average all-in sustaining costs (AISC) in the gold mining industry reached a record high, rising by 18% y/y to $1,276/oz. This was 14%, or US$160/oz, above the previous record set in 2012.
Krishan Gopaul
Senior Analyst, EMEA World Gold CouncilCentral banks show little sign of buyer fatigue in February
Central bank gold buying momentum showed no signs of stalling in February. Reported global gold reserves rose by 52t during the month – the eleventh consecutive month of net purchases – following January's 74t. 1 This excludes updated data for Russia (more on that below), but still maintains the upward trend (based on the 12-month moving average) since June 2022.
