According to the latest figures from the World Gold Council, 1,123 tonnes of gold were in demand worldwide in the second quarter of 2019. On the other hand, there was a gold offer of 1,186.7 tonnes.
More gold in demand
The World Gold Council has released its Gold Market Report for the second quarter and for the first half of 2019 (“Gold Demand Trends”). According to the calculations of the market researcher GFMS, the global gold demand in the period from April to June 2019 increased by 8 percent to 1,123 tons compared to the previous year. Accordingly, 2,181.7 tons of gold were demanded in the first half of 2019, which corresponded to a 3-year high according to GFMS.
Central banks push gold demand
The biggest contribution to this development came from central banks. In the first half of the year, these institutions made net purchases of 374.1 tonnes. According to the report, this was the largest demand in this sector in a first half of the year since data collectors identified these numbers (for 19 years).
Gold offer at 3-year high
The gold supply in the second quarter of 2019 is estimated at 1,186.7 tonnes. This corresponded to a plus of 6 percent compared to the same quarter of the previous year. Mine production even increased by 9 percent to 882.6 tons. In addition, 314.6 tonnes of gold came from recycling. Here, GFMS calculated an increase of 9 percent. Global gold supply in the first half of 2019 is estimated at 2,323.9 tonnes, the highest H1 since 2016.