Morning Bites (part 1)

🏆Global physical gold demand declined 13% YoY to 1,225t in 3Q23, following the revised 4% YoY gain in 2Q23, per the World Gold Council (WGC) data. Meanwhile, total global gold demand was down 7% YoY (vs. the revised +8% YoY in 2Q23). Central bank purchases last quarter dropped 27% YoY, mostly due to the high base effect (still +14% YoY on the 9mo23 basis). At the same time, the demand for gold jewellery shrank 2% YoY in 3Q23 (vs. +3% YoY in 2Q23). In spite of there being some correction in physical gold demand, it was still up 2% YoY in 9mo23. Gold mine production grew ~2% YoY in 3Q23, vs. the 4% YoY growth in 2Q23. Overall, we keep our positive view on the precious metal's price, amid miners’ rising cash costs, strong demand from global central banks and the potentially lower US Fed funds rate in 1H24

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