Global gold demand increased by 3% in the first quarter of the year compared to the same period of 2023, reaching 1238.3 tons, due to the demand from Asia, especially China and India, and the increase in purchases by central banks.
The World Gold Council’s “Global Gold Trends” report for the first quarter of the year has been published.
According to the report, strong purchases by central banks and private investors from Asia increased gold demand in the first quarter to its highest level since 2016.
Global gold demand increased by 3% in the first quarter compared to the same quarter of 2023, reaching 1238.3 tons.
In the first quarter, jewelery demand decreased by 2% to approximately 479 tons.
While there was an increase in the purchase of gold for investment purposes in the January-March period of the year, the purchase of gold for investment purposes (excluding over-the-counter markets) also increased by 3% compared to the January-March period of last year, reaching 312 tons.
According to the World Gold Council report, gold purchases by central banks increased by 1% in the first quarter compared to the same period of 2023, reaching 290 tons. This was the strongest start to the year ever for central banks’ gold purchases.
On the other hand, Turkiye’s gold demand for investment purposes decreased by 12% in the first quarter compared to the same period of the previous year, reaching approximately 44 tons.
The country’s demand for gold as jewelery increased by 19% in the first quarter compared to the same quarter of 2023, reaching 11 tons. This was recorded as the strongest first quarter in jewelery demand in the country since 2015.
According to the report, the Central Bank of the Republic of Turkiye (CBRT) increased its gold reserves to 570 tons by purchasing 30 more tons during the first quarter.
Meanwhile, according to the London Bullion Market Association (LBMA), the ounce price of gold rose to an average of $2,070 due to the rapid increase in the first quarter. There was a 10% increase in the ounce price of gold compared to the same quarter last year.
Source: Trthaber / Prepared by Irem Yildiz