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report reveals that central banks’ gold buying has maintained at a historic pace, bringing quarterly demand to 1,147t, which is 8% ahead of its five-year average.
This strong buying streak from central banks is expected to stay on course for the remainder of the year, indicating a robust annual total again in 2023, the Council says. Gold ETFs saw continued outflows in Q3, largely driven by investor sentiment that interest rates will continue to stay high. However, continued strength in OTC investment resulted in 120t in the third quarter, driven in part by high net worth demand in Turkey and some stock building in other markets.
Total gold supply rose 6% y/y in Q3, with mine production reaching a year-to-date record of 2,744t. A consistently high gold price helped prop up recycling to 289t, 8% higher y/y.
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