WGC Demand Trends: Total Gold Supply Surged in 2023

SEATTLE (Scrap Monster): The 2023 Gold Demand Trends Report published by the World Gold Council (WGC) indicates that total gold supply recorded surge by 3% in 2023, upon comparison with 2022. This is the second consecutive year of modest increase in gold supply.

According to WGC, the total global gold supply totalled 4,898.8 tonnes, surging higher by 3% from 4,751.9 tonnes of supply recorded in 2022. The mined gold output as well as recycled gold supply witnessed increase during the year.

The annual gold mine production totalled 3.644 tonnes, hitting the highest level since 2018. There were no significant production disruptions during the year. The initial half of the year witnessed strong mine production. However, these growth rates were not replicated in the second half of the year. In fact, mine production recorded a decline by 2% during Q4 last year, WGC report said.

South Africa recorded the highest annual gold output in 2023. The country’s output surged higher by 15% year-on-year. The other countries to report increased mine production were Russia, Mali, Brazil and Burkina Faso. On the other hand, Sudan, Indonesia, Mexico and Australia recorded lower year-on-year production.

The full year 2023 recycled gold supply rose by 9% from 1,140 tonnes a year before to 1,237.3 tonnes in 2023, mainly driven by higher gold prices.