WGC: Gold Jewellery Demand Softened in Q3 2023

SEATTLE (Scrap Monster): The Q3 Gold Demand Trends Report published by the World Gold Council (WGC) indicates that gold jewellery demand softened during the quarter when compared with the prior year quarter. However, the year-to-date demand held steady in 2023. Also, global gold jewellery consumption recorded uptick by 8% over the prior quarter in 2023.

The global gold jewellery consumption totalled 516.2 tonnes in Q3 this year. This compares with 525.7 tonnes in the corresponding quarter a year before. The growth in India was completely offset by year-on-year declines in China.

China recorded a disappointing third quarter demand, as consumers deferred purchases on account of excessively high local gold price premiums. The country’s gold jewellery demand dropped from 163.2 tonnes to 153.7 tonnes year-on-year. On the contrary, the Indian jewellery demand surged higher significantly by 6% year-on-year from 146.2 tonnes to 155.7 tonnes, WGC report noted.

The strong investment demand continued to drive jewellery demand in Turkey, where demand stood higher by 2%. Meantime, the jewellery demand across the Middle East continued to remain weak in Q3. Also, the U.S. and Europe demand witnessed decline over the year.