2021-10-28-世界黄金协会-全球黄金需求趋势_2021年第三季度（英）_21页_1mb
报告摘要
- Gold Demand: Overall demand fell 7% y-o-y to 831 tonnes in Q3 2021 due to ETF outflows, though year-to-date demand is 9% lower than Q3 2019.
- Sector Highlights:
- Jewellery demand increased 33% y-o-y to 443 tonnes, with strong growth in China (58%), India (60%), and Middle East markets.
- Bar and coin investment rose 18% y-o-y to 262 tonnes, driven by lower prices and economic recovery.
- ETFs saw net outflows of 27 tonnes, reversing large inflows from Q3 2020; European and Asian markets showed healthy demand.
- Technology demand recovered 9% y-o-y to 84 tonnes, supported by electronics and PCB growth.
- Central Banks: Net purchases of 69 tonnes in Q3, totaling 393 tonnes y-t-d, more than double Q3 2020’s total. India and Brazil were major buyers.
- Supply: Mine production increased 4% y-o-y to 959 tonnes, amid fewer COVID disruptions. Recycling fell 22% due to lower incentive from declining prices.
- Outlook:
- Jewelry demand rebounded, expected to exceed 2020 levels.
- Technology demand remains strong but faces challenges from chip shortages and design shifts.
- Investment demand is uneven, with ETFs lagging compared to 2020; bar and coin and OTC demand remain resilient.
- Central banks are poised for another strong year of purchases.
- Supply growth may face headwinds from COVID-related production issues in some regions.
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