WGC Gold Demand Trends: Total Gold Supply Surged in Q2 This Year

SEATTLE (Scrap Monster): The Gold Demand Trends Q2 2022 report released by the World Gold Council (WGC) indicates that total gold supply recorded notable surge during the quarter.

The gold supply totalled 1,192.7 tonnes during the quarter, significantly higher by 5% when compared with the supply which had totalled 1,137.4 tonnes in the same quarter a year before. The mine production was up by 4% year-on-year from 876.2 tonnes to 911.7 tonnes in Q2 this year. Also, recycled gold volumes rose by 5% in Q2, rising from 278.5 tonnes to 291.1 tonnes. The Q2 recycled gold volumes increased to 291 tonnes. Meantime, the H1 recycled gold volumes of 592 tonnes was the highest half-yearly volumes since H1 2016.

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According to WGC, mine gold production recorded an all-time second quarter high. The half-yearly mine production totalled 1,764 tonnes. The higher quarterly production was mainly on account of continued recovery in output from China, coupled with higher mined grades at some large operations and fewer unexpected production interruptions.

In the second quarter, the output from Asia and North America increased by around 8% each. The output from Africa too increased marginally. Meantime, the production in the CIS region remained more or less stable.