Chart Gallery
30 April, 2024
Chart 1: Q1 demand was in line with its 10-term average
Quarterly gold demand by sector and 10-year quarterly average, tonnes*
Q1 demand was in line with its 10-term average*
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 2: Investment likely to rise on geopolitics and delayed rate cuts
Expected change in annual gold demand and supply, tonnage, 2024 v 2023*
Chart 2: Investment likely to rise on geopolitics and delayed rate cuts
Sources: World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 3: After a slow start to Q1, March saw gold prices off to the races
Daily gold price in key currencies, indexed to 1 Jan 2024*
Chart 3: After a slow start to Q1, March saw gold prices off the races
Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data as of 12 April 2024.
Chart 4: Jewellery demand volumes resilient, values rampant
Q1 gold jewellery consumption, tonnes and US$ value*
Chart 4: Jewellery demand volumes resilient, values rampant
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 5: European and North American gold ETFs saw outflows while Asian funds continued to gain assets
Quarterly change in gold-backed ETFs, tonnes*
European gold ETFs were laggards in Q1
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 6: Eastern bar and coin investment takes market share from the West
Quarterly net gold bar and coin investment, tonnes, and the average quarterly gold price, US$/oz*
Eastern bar and coin investment takes market share from the West
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 7: Turkish investment demand reached eye-watering values in Q1
Quarterly Turkish net gold bar and coin investment, tonnes and US$ value*
Turkish investment demand reached eye-watering values in Q1
Sources: Bloomberg, ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 8: Central banks carry gold buying momentum into 2024
Central bank net purchases, tonnes*
Central banks carry gold buying momentum into 2024
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 9: Turkey, China and India led the way as buying outweighed sales during Q1
Year-to-date central bank net purchases and sales by country*
Turkey, China and India led the way as buying outweighed sales during Q1
Sources: IMF IFS, respective central banks, World Gold Council; Disclaimer
*Data as of 31 March 2024, where available. Note: chart includes net purchases/sales of a tonne or more.
Chart 10: Solid AI-driven recovery in electronics boosts total sector demand
Quarterly gold volumes used in technology and the five-year quarterly average, tonnes*
Solid AI-driven recovery in electronics boosts total sector demand
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 11: Mine production hit a new first quarter record in 2024
Q1 global gold mine production, tonnes*
Mine production hit a new first quarter record in 2024
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data as of 31 March 2024.
Chart 12: Recycled gold rose to its highest level since Q3 2020
Quarterly supply of recycled gold, tonnes*
Recycled gold rose to its highest level since Q3 2020
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data as of 31 March 2024.
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