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© Reuters. FILE PHOTO: Joachim Nagel, President of Germany’s federal reserve Bundesbank poses for an image in entrance of a wallpaper displaying gold bars in a protected throughout a media tour on the Bundesbank headquarters in Frankfurt September 16, 2022. REUTERS/Heiko Becker
LONDON (Reuters) – Central banks purchased a report 399 tonnes of gold price round $20 billion within the third quarter of 2022, serving to to elevate international demand for the steel, the World Gold Council (WGC) mentioned on Tuesday.
Demand for gold was additionally sturdy from jewellers and consumers of gold bars and cash, the WGC mentioned in its newest quarterly report, however alternate traded funds (ETFs) storing bullion for traders shrank.
Gold is often seen as a protected asset for instances of uncertainty or turmoil, however many monetary traders bought shares in gold-backed ETFs as rates of interest rose and pushed up returns on different property.
Offloading of bullion by ETFs helped push gold costs down 8% within the third quarter, however this value fall helped stimulate demand for jewelry, the WGC mentioned.
In whole, the world’s gold demand amounted to 1,181 tonnes in July-September, up 28% from 922 in the identical interval in 2021, the WGC mentioned.
Demand within the 12 months to September had recovered to pre-pandemic ranges, it mentioned.
GRAPHIC: World gold demand https://fingfx.thomsonreuters.com/gfx/ce/znvnbdnkwvl/WORLDpercent20GOLDpercent20COUNCILpercent20Q3percent202022.JPG
Shopping for by central banks within the third quarter took their purchases for the 12 months to September to 673 tonnes, greater than the overall purchases in any full 12 months since 1967, based on the WGC.
Amongst giant consumers had been the central banks of Turkey, Uzbekistan, Qatar and India.
Purchases of gold bars and cash additionally surged in Turkey to 46.8 tonnes within the quarter, up greater than 300% year-on-year, as folks purchased gold to protect themselves from rampant inflation.
“Trying forward, we anticipate central financial institution shopping for and retail funding to stay sturdy,” mentioned WGC analyst Louise Road.
“We additionally anticipate to see jewelry demand proceed to carry out strongly in some areas similar to India and Southeast Asia,” she mentioned.
Following are numbers and comparisons.
GOLD DEMAND (tonnes)*
Q3 2022 Q3 2021 % change
SUPPLY
Mine manufacturing 949.4 927.7 2%
Web producer hedging -10.0 -12.4 -19%
Recycled gold 275.8 292.8 -6%
Complete provide 1,215.2 1,208.2 1%
DEMAND
Jewelry fabrication 581.7 515.1 13%
Expertise 76.7 83.4 -8%
– of which electronics 62.8 69.0 -9%
– different Industrial 11.3 11.6 -2%
– dentistry 2.5 2.8 -11%
Funding 123.8 232.8 -47%
– Of which bar and coin 351.1 258.9 36%
– – Of which bars 220.4 177.5 24%
– – official Cash 100.2 57.5 74%
– – medals/imitation cash 30.6 23.9 28%
– ETFs & comparable merchandise -227.3 -26.0 773%
Central banks & different inst. 399.3 90.6 341%
GOLD DEMAND 1,181.5 921.9 28%
OTC and different 33.8 286.3 -88%
TOTAL DEMAND 1,215.2 1,208.2 1%
* Supply: World Gold Council, Gold Demand Tendencies Q3 2022
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