Central banks’ weaker gold purchases drop gold demand in second quarter
The global gold demand dropped by 2% to 921 tons year-on-year in the second quarter of 2023, the World Gold Council stated on Tuesday.
The slight decline stemmed from a marked deceleration of central banks’ gold purchases, the council added.
Jewelry consumption increased by 3%, while bar and coin investment increased by 6%, with Turkiye a major driver of growth, it said.
“Demand for gold used in technology remained very soft thanks to continued weakness in consumer electronics,” it added.
Meanwhile, the total gold supply was up by 7% over the same period to 1,255 tons.