Morning Bites (part 3)

🏆Global physical gold demand grew 15% YoY to 1,109t in 1Q23, after the 25% YoY increase in 4Q22, according to the World Gold Council (WGC). Meanwhile, total global gold demand was down 13% YoY (vs. +19% YoY in 4Q22), mainly affected by the outflows from ETFs (their sales are still the main factor affecting the precious metal’s performance). Separately, we note that central bank purchases last quarter jumped 2.8x YoY (vs. >10x YoY growth in 4Q22) and were the highest Q1 figures since 2000. However, the demand for gold jewellery was roughly flat (-2% YoY) in 1Q23 (vs. -13% YoY in 4Q22). At the same time, gold mine production grew ~2% YoY in 1Q23, reversing from the 1% YoY drop in 4Q22

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