1、01Gold Demand Trends|Q3 2023Gold Demand TrendsQ3 2023 31 Oct 2023|www.gold.orgHighlightsThe LBMA(PM)gold price averaged US$1,928.5/oz during Q3.Although 2%below the record high seen in Q2,this was 12%higher y/y.Several countries saw higher local gold prices due to currency weakness against the US do

2、llar,including Japan,China and Turkey.Y-t-d,central bank net buying of gold is 14%ahead of 2022.Central banks have bought a net 800t of gold so far this year,the highest on record for that nine-month period.While there is a nucleus of committed regular buyers,the range of countries whose central ban

3、ks have added to their reserves over recent quarters is broad-based.Investment demand is mixed y-t-d.Bar and coin investment is broadly in line with Q1-Q3 last year,thanks to H1 strength in the Middle East,Turkey and China.Gold ETFs,in contrast,have seen outflows of 189t so far this year,and have no

4、w registered six successive quarters of negative demand.After a record Q3,mine production also reached a new y-t-d high of 2,744t.This puts a new annual record within reach for 2023.The y-t-d supply of recycled gold is also higher at 924t(+9%).Although this element of supply has been supported by el

5、evated gold prices,it has been capped by economic resilience in the US and a strong investment motive in the Middle East.For more information please contact:researchgold.orgQ3 gold demand firmly above longer-term averageCentral banks gold buying maintained a historic pace but fell short of the Q322

6、record.Jewellery demand softened slightly in the face of high gold prices,while the investment picture was mixed.Gold demand(excluding OTC)in Q3 was 8%ahead of its five-year average,but 6%weaker y/y at 1,147t.Inclusive of OTC and stock flows,total demand was up 6%y/y at 1,267t.1Net central bank buyi