Gold Demand in Technology Sector Posted Notable Dip in 2022

SEATTLE (Scrap Monster): The Gold Demand Trends Full Year 2022 Report released by the World Gold Council (WGC) suggests substantial drop in annual gold demand from technology sector during the previous year. The weakness in Q3 was further compounded by substantial dip in the final quarter.

According to WGC, the technology sector gold demand totalled 308.5 tonnes in 2022, significantly down by 7%, when compared with 330.2 tonnes in 2021. The demand witnessed a strong start to the year, boosted by recovery from the pandemic. However, Q3 and Q4 recorded sharp reversal.

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The gold demand from electronics sector witnessed 18% year-on-year decline to total 58t during Q4. The demand recorded the largest quarterly year-on-year decline in the sector since 2009. The demand for gold dipped sharply in the LED sector. The demand from the wireless and memory sectors too recorded major decline during Q4 2022. The gold used in PCBs saw heavy decline in China, but registered small increases elsewhere.

The annual gold demand from electronics sector was down 7% from 272.1 tonnes in 2021 to 251.7 tonnes in 2022. The Other Industrial sector gold demand remained unchanged over the previous year at 46.6 tonnes. The Dentistry sector gold demand witnessed major year-on-year decline by 9% to total 10.3 tonnes during the previous year, WGC noted.