World Gold Council: Global Gold Supply Declined in Third Quarter

SEATTLE (Scrap Monster): The global gold supply recorded decline during the third quarter of the current year, said the latest Gold Demand Trends report published by the World Gold Council (WGC).

The total supply during the quarter was 1,238.9 tonnes, down by 3% over the same quarter a year before, primarily on account of drastic decline in recycled gold supply. The recycled gold supply was badly impacted by lower gold price and depleted near-market supplies, WGC noted. Almost all countries reported year-on-year declines in the supply of recycled gold. The supply reported notable dip in Thailand and India, whereas Sri Lanka stood as the only exception. WGC expects recycling to remain subdued over the next few quarters, the report said.  

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On the contrary, the gold mine production surged higher significantly by 4% during the quarter to nearly 960 tonnes, due to fewer production disruptions on account of Covid-19 pandemic compared to the previous year. It must be noted that the mined gold supply had totalled only 919 tonnes in Q3 ’20.

Also, gold miners reduced their aggregate hedged position by 19 tonnes during the third quarter of 2021.