1、01Gold Demand Trends|Q1 2023Gold Demand TrendsQ1 20235 May 2023|www.gold.orgHighlightsThe LBMA Gold Price(PM)averaged US$1,890/oz during the quarter,marginally higher y/y.The price was over 10%higher than the previous quarters average,almost matching the Q320 record high.China saw a strong relief ra

2、lly in the first post-COVID quarter of unfettered consumer spending.The recovering domestic economy and healthy income growth reignited domestic consumption,while the eye-catching gold price performance spurred investment interest.Indian demand fell sharply as local gold prices applied the brakes.Re

3、cord high and volatile domestic gold prices discouragedboth investment and jewelleryconsumption during the quarter.Investment dominates the outlook for 2023.We continue to see healthy upside for investment this year,while the picture for fabrication(jewellery and technology)is more muted.Further rob

4、ust central bank buying is expected,albeit below 2022s record.Modest growth is likely in both mine production and recycling.For more information please contact:researchgold.orgMixed picture for gold demand in Q1 Continued momentum in central bank buying and resurgent Chinese consumer demand contrast

5、ed with a negative contribution from ETFs and weakness in India.Q1 gold demand(excluding OTC)was 13%lower y/y at 1,081 tonnes(t).Inclusive of OTC,total gold demand strengthened 1%y/y to 1,174t as a recovery in OTC investment consistent with investor positioning in the futures market offset weakness

6、in some areas.1 Demand from central banks experienced significant growth during the quarter.Official sector institutions remained keen and committed buyers of gold,adding 228t to global reserves.Bar and coin investment gained 5%y/y to 302t,concealing some large regional variations.In contrast,net ne