WGC: Global Gold Supply Surged in Third Quarter

SEATTLE (Scrap Monster): The worldwide total gold supply increased by 1% during the third quarter of the year, said the latest Gold Demand Trends Report published by the World Gold Council (WGC). The supply totalled 1,215.2t in Q3 2022, as compared with 1,208.2t in the corresponding third quarter in 2021.

As per estimates, the Q3 gold mine production stood at 949.4t, higher by almost 2% from 927.7t of production recorded in Q3 last year. Also, the year-to-date mine production of 2,686t neared 2018 record highs. The mine supply recorded growth in all regions except in the CIS region, which reported year-on-year production decline by 12%. The biggest increase was seen in Central and South America, followed by Asia. The gold mining costs continued to increase, said WGC report.

The recycled gold supply totalled 276t, recording second consecutive quarter of decline. The year-to-date recycled gold supply dropped by 3%, in line with the falling gold prices during the year. The recycling flows remained essentially flat in the U.S. The supply in China recorded surge over the prior quarter, but was down from the corresponding quarter in 2021. Meantime, strong recycling flows were witnessed in many countries, especially Japan, the EU and the UK.

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