World Gold Supply Declined 3% in Q3, Says WGC Demand Trends Report

SEATTLE (Scrap Monster): The World Gold Council (WGC) Gold Demand Trends Report Q3 2020 suggests dip in total gold supply, despite spike in supply of recycled gold during the third quarter of the current year.

According to the Council report, the world gold supply totalled 1,224 tonnes in Q3, down by almost 3%, compared with the supply of 1,265.6 tonnes in the corresponding quarter a year before.

The gold mine production of 884 tonnes was 3% lower year-on-year. However, it marked notable recovery from the prior quarter. The year-to-date mine production totalled 2,477.45 tonnes, still lower by 5% over the previous year.

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Several heavily impacted mining regions reported recovery during the quarter. The boosted output from projects such as Nevada Gold Mines led to 12% surge in U.S. production. The mine production in Burkino Faso surged higher by 29%. The production in Tanzania and Ghana edged higher by 5% and 1% respectively.

On the contrary, Papua New Guinea output fell by 40% in Q3. Chinese gold production was down by 3%. Also, South African mine production stood lower by 12%.

Meantime, the recycled gold supply rose by 6% over the previous year quarter to 376.1 tonnes. This is the highest quarterly total since Q4 2012. The recycled supply remained buoyant, mainly on account of easing of lockdowns and rise in gold prices.