The gold lobby group note outflows from gold-backed exchange-traded funds in Q1 of 2021
Say this was offset somewhat by rising physical demand, including for jewellery
- jewellery demand 52% higher y-o-y
- Bar and coin investment +36% y-o-y
Say demand boosted by:
- bargain-hunting, as well as by expectations of building inflationary pressures.
- Q1 saw continued healthy levels of net buying by central banks: global official gold reserves grew by 95.5t, 23% lower y-o-y, but 20% higher q-o-q.
- Gold used in technology grew 11% y-o-y in Q1
- Demand of 81.2t was just above the five-year quarterly average of 80.9t
Data via the council’s latest report which was out Thursday (US time).
The World Gold Council
- is the market development organisation for the gold industry
- Our purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market.