Global Gold Demand Rises in 2023

Global gold demand, including over-the-counter trading, in the first quarter rose 1 percent year on year to 1,174 tonnes, an industry report showed on Friday.

Global demand for gold bars and coins increased 5 percent year on year to 302 tonnes, while jewelry consumption stood at 478 tonnes, roughly the same level of the same period last year, according to a report released by the World Gold Council.

Gold use in the technology sector continued to suffer from the challenging economic climate. Demand slumped to 70 tonnes in the first quarter, the second lowest quarter in the council’s data series back to 2000.

Central banks continued to purchase gold, with global gold reserves rising by 228 tonnes in the first quarter of the year, according to the council.

Xinhua/Hauwa Abu