Morning Bites (part 1)

🏆Global physical gold demand declined 5% YoY to 942t in 2Q23, after the 15% YoY increase in 1Q23, according to the World Gold Council (WGC). Meanwhile, total global gold demand was down 2% YoY (vs. -13% YoY in 1Q23). Importantly, central bank purchases last quarter were down 35% YoY, mostly driven by the sales of Turkey’s central bank. At the same time, the demand for gold jewellery was flat YoY in 2Q23 (vs. -2% YoY in 1Q23). Gold mine production grew ~4% YoY in 2Q23, accelerating from the 2% YoY growth in 1Q23. Despite some correction in physical gold demand, we keep our positive view on the precious metal's price, amid gold miners' rising cash costs and the adverse macroeconomic situation globally

#gold
https://metals-wire.com/sector/Gold