1、 Gold Demand Trends|Q1 2024 01 gold.org Highlights The LBMA(PM)gold price averaged a record US$2,070/oz in Q1 10%higher y/y and 5%higher q/q.Gold scaled new heights in March,closing the quarter at US$2,214/oz.Q1 was another quarter of significant OTC demand.OTC buying by investors,while opaque,is re

2、flected in the pace and scale of the price rise.CME net managed money positions,which can be used as a proxy,rose by 91t.Mine production increased 4%y/y to 893t a record first quarter for our data series.Meanwhile,recycling responded to higher prices,climbing 12%y/y to 351t.This makes it the highest

3、 quarter of recycling supply since Q320,when it shot up in line with gold prices and as a response to the pandemic.Western and Eastern investors exhibited different behaviour.Western gold buying remained robust,but was met with healthy levels of profit-taking.This contrasted with strong buying into

4、the price surge in Eastern markets.Central banks and OTC drove price Healthy consumer buying offered further support.Q1 gold demand(excluding OTC demand)slipped 5%y/y to 1,102t,due to continued ETF outflows.Inclusive of sizable OTC buying by investors,total gold demand increased 3%y/y to 1,238t the

5、strongest first quarter since 2016.Q1 saw no let-up in the pace of central bank gold buying:290t(net)was added to official holdings,only part of which is currently reflected in IMF data.Bar and coin demand matched the previous quarter at 312t,translating to a 3%y/y increase.Global gold ETF holdings

6、fell by 114t.Europe and North America both saw quarterly outflows,slightly countered by inflows into Asian-listed products.US-listed funds saw a positive shift late in the quarter.The jewellery sector was healthy,given the price rally.Global jewellery consumption was just 2%lower y/y at 479t.Jewelle