WGC: Technology Sector Gold Demand Dipped in Q3 2023

SEATTLE (Scrap Monster): The Gold Demand Trends Q3 2023 report published by the World Gold Council (WGC) suggests that gold demand from technology sector registered year-on-year decline. The gold used in technology dropped by 3% during the quarter to 75.3 tonnes, upon comparison with 77.3 tonnes in Q3 2022.

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The electronics sector demand recorded fall by 4% from 63.5 tonnes in Q3 2022 to 61.10 tonnes in Q3 this year. The overall demand in electronics industry remained relatively weak, though some sectors recorded signs of recovery. The gold demand in the Printed Circuit Board (PCB) sector recorded year-on-year decline during the quarter. The series of smartphone launches in Q3 resulted in increased gold consumption by the wireless sector, the report noted.

The WGC report noted that gold used in LEDs dipped in Q3, when matched with the previous year, but rose slightly over the sequential quarter. The memory sector gold demand continued to face challenges in Q3 2023.

The only area of technology sector to witness growth in Q3 this year was Other Industrial Applications, which used 4% higher volumes of gold. Meantime, dental demand extended its long-term declining trend, falling by 6% year-on-year.