2024-05-14-世界黄金协会-2024年一季度全球黄金需求趋势报告_18页_2mb

Gold Demand Trends: Q1 2024 Summary

Global gold demand in Q1 2024 reached its strongest quarter since 2016, driven by record-high prices and strong central bank purchases. Overall demand, including off-exchange transactions, increased by 3% year-over-year to 1,238 tons, despite a 5% drop in on-exchange demand alone.

Key demand categories:

• Gold jewelry consumption was resilient, with only a 2% decline to 479 tons.
• Technology use increased 10% year-over-year, mainly due to AI-driven demand.
• Gold bars, coins, and field transactions rose, with the sector seeing robust growth.
• Central bank purchases surged, totaling 290 tons, the highest quarterly net buy since the report began tracking.
• Gold ETFs saw net outflows of 114 tons in Q1 but showed strong recovery in China, with record monthly inflows.

Supply side highlights:

• Mining output reached a record high of 893 tons, up 4% year-over-year.
• Recycling supply jumped 12% to 351 tons, contributing to higher availability.

Looking ahead to 2024, demand is expected to grow due to factors like geopolitical risks, potential interest rate cuts, and ongoing economic uncertainties in key regions. Supply may face challenges from high prices, but mining and recycling are projected to continue expanding. Overall, gold's investment potential remains strong compared to other assets.