Morning Bites (part 1)

🏆Global physical gold demand rose 25% YoY to 1,453t in 4Q22, after the 48% YoY increase in 3Q22, according to the World Gold Council (WGC). At the same time, global total gold demand was also up 19% YoY (vs. +26% YoY in 3Q22), mainly driven by the >10x YoY increase in the demand from central banks and other institutions. We note that central bank purchases during FY22 (+2.5x YoY) were at their highest level since 1967. We believe that an important contributor to this growth was PBoC, which initiated purchases in November and December. However, the demand for gold jewellery was down 13% YoY in 4Q22 (vs. +10% YoY in 3Q22), mostly driven by YoY decreases of 27% in China and 17% in India. Meanwhile, gold mine production fell ~1% YoY in 4Q22, reversing from the 2% YoY growth in 3Q22

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