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Gold February 01, 2024 04:30:38 PM

WGC: Robust Central Bank Purchases Offset Gold ETF Outflows in 2023

Paul Ploumis
ScrapMonster Author
According to the report, the global gold ETFs recorded outflows of 244 tonnes in 2023.
WGC: Robust Central Bank Purchases Offset Gold ETF Outflows in 2023

SEATTLE (Scrap Monster): The Gold Demand Trends Report for the full year 2023, published by the World Gold Council (WGC) noted that robust central bank buying coupled with resilient jewellery consumption helped to offset sizable gold ETF outflows during the year.

According to the report, the global gold ETFs recorded outflows of 244 tonnes in 2023. The pace of outflows witnessed significant slowdown towards the end of the year. However, the hefty outflows in October resulted in high outflows during Q4.

The annual jewellery consumption remained more or less steady at 2,093 tonnes in 2023, despite high gold price environment that prevailed during the year. The consumption growth was supported by recovery in China.

The central bank gold net purchases totalled 1,037 tonnes, falling short from the 2022 record purchases by just 45 tonnes.

The bar and coin investment demand witnessed marginal decline by 3% over the previous year, WGC report said.

Meantime, the gold mine production recorded marginal increase by 1% year-on-year to 3,644 tonnes in 2023. The comparable figure in 2022 was 3,624.8 tonnes. The recycling gold supply surged higher by 9%. As a result, the total gold supply, at 4,898.8 tonnes, edged higher by 3% over the supply of 4,751.9 tonnes in 2022.

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