Gold has lost its appeal in the world's largest market
Demand for gold declined in the third quarter. China's central bank is the world's biggest buyer
Global over-the-counter gold demand fell year-on-year in the third quarter of 2023, down 6% from 2022 figures, as central bank purchases fell year-on-year.
In the July-September period, central bank demand reached 1,147.5 tonnes, 8% above the five-year average but still behind the US total of 1,219.2 tonnes. Q3 2022.
In its quarterly trends report, the WGC said central banks' net purchases of 337 tonnes were the third strongest quarter in the data series, although it fell short of the 459 tonnes recorded in Q3 2022. said.
The central bank's demand so far this year has been 800 tonnes, up 14% from the same period last year.
The People's Bank of China (PBoC) increased its gold reserves by 78 tonnes in the quarter, regaining the position of the world's largest buyer. Year-to-date gold holdings amounted to 2,192 tonnes, representing 4% of total reserves. WGC said so. The National Bank of Poland (NBP) continued its gold purchases in the third quarter, increasing its total purchases of 48 tonnes in the second quarter by 57 tonnes. Turkey followed with a purchase of 39 tonnes in the second quarter, restoring its gold reserves to 668 tonnes. And the third quarter.
Investment in gold bars and coins fell 14% year-on-year to 296 tonnes, but was still above the five-year average of 267 tonnes.
Global over-the-counter gold demand fell year-on-year in the third quarter of 2023, down 6% from 2022 figures, as central bank purchases fell year-on-year.
In the July-September period, central bank demand reached 1,147.5 tonnes, 8% above the five-year average but still behind the US total of 1,219.2 tonnes. Q3 2022.
In its quarterly trends report, the WGC said central banks' net purchases of 337 tonnes were the third strongest quarter in the data series, although it fell short of the 459 tonnes recorded in Q3 2022. said.
The central bank's demand so far this year has been 800 tonnes, up 14% from the same period last year.
The People's Bank of China (PBoC) increased its gold reserves by 78 tonnes in the quarter, regaining the position of the world's largest buyer. Year-to-date gold holdings amounted to 2,192 tonnes, representing 4% of total reserves. WGC said so. The National Bank of Poland (NBP) continued its gold purchases in the third quarter, increasing its total purchases of 48 tonnes in the second quarter by 57 tonnes. Turkey followed with a purchase of 39 tonnes in the second quarter, restoring its gold reserves to 668 tonnes. And the third quarter.
Investment in gold bars and coins fell 14% year-on-year to 296 tonnes, but was still above the five-year average of 267 tonnes.
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Besides, the Fed continues to make doctrinal arguments at the FOMC meeting, and can keep interest rates unchanged this year and increase them next year.
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