SEATTLE (Scrap Monster): The latest Gold Demand Trends report published by the World Gold Council (WGC) suggests that global gold bar and coin demand dipped by 3% inn 2023 to total 1,190 tonnes. The growth during the initial half of the year was erased by year-on-year decline in H2 2023.
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The annual bar and coin demand in China recovered by 28% from 2022 to total 280 tonnes. The full year demand witnessed notable surge by 35% in Q4 last year to total 83 tonnes. The demand touched fresh peak of 164 tonnes in H2.
The Indian bar and coin investment recorded year-on-year growth by 7% to touch 185 tonnes. The Q4 demand, at 67 tonnes, was 64% higher when compared with the five-year quarterly average demand.
The Turkish gold bar and coin demand almost doubled from the previous year to 160 tonnes. The Middle East region too reported record investment demand of 114 tonnes during the previous year. The 23% year-on-year surge in demand in the region was mainly driven by growth in demand in Egypt. Iran and the UAE too contributed to the growth.
The gold bar and coin investment demand in the U.S. edged higher by 5% to 113 tonnes in 2023, registering the third highest year of demand. The demand in Europe fell sharply by 59% to 127 tonnes- the lowest level in almost 16 years.
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