WGC Demand Trends: World Gold Demand Softened in Q2

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced publication of Gold Demand Trends Q2 2022 Report.

As per the report, gold demand softened during the quarter, falling by approximately 8% over the prior year quarter to 948 tonnes. Meantime, the demand totalled 2,189 tonnes during the initial six-month period of the year, higher by 12% when compared with the corresponding half-yearly period in 2021.

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The gold price witnessed decline during Q2 this year. The gold EFTs recorded outflows of 39 tonnes, thereby offsetting some of the strong gains recorded in the initial quarter of the current year. The gold ETFs recorded net inflow of 234 tonnes in H1 ’22, compared with outflows of 127 tonnes during H1 ’21.

The bar and coin investment demand was unchanged over the previous year at 245 tonnes. The sharp drop in China was offset by growth in India, Middle East and Turkey. The H1 demand witnessed 12% year-on-year decline to total 526 tonnes, WGC report said. Meantime, the official gold reserves held by central banks grew by 180 tonnes during Q2 this year.

The Q2 consumer demand for gold jewellery edged higher by 4% to reach 453 tonnes. On the contrary, the cumulative H1 ’22 demand of 928 tonnes stood 2% lower than H1 ’21 demand.