Gold Price Performance & Data World Gold Council
1The US dollar ranks at the 97% percentile relative to historical values since 1989 using the CITI real effective exchange rate index from Bloomberg. Finally, murmurs that sanction risks might have been reduced given the incoming administrations purportedly less combative stance could also weigh on sentiment towards gold. This information contains forward-looking statements which are based on current expectations and are subject to change. World Gold Council does not guarantee the accuracy or completeness of any information and does not accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
Chart 3: Gold outperforms during phases of 3m/10y curve flattening*
Stronger bond yields and US dollar, risk-on in equities, a boost to cryptocurrencies and quelling of geopolitical risk might see a near-term retracement in gold. Global jewellery demand remained resilient, despite record-high prices, only falling 2% year-on-year. A time series of official holdings of gold including an attribution of sales under the Central Bank Gold Agreement (CBGA). A time series of the global all-in sustaining cost (AISC) of gold production and cost curve for the most recent quarter.
Looking ahead: nominal rates remain a risk, but inflation and geopolitics support the need for hedges
Global official gold reserves rose by a net 290t, the highest Q1 total in our data series back to 2000; 1% higher than the previous Q1 record set in 2023 (286t) and 69% more than the five-year quarterly average (171t). Healthy investment from the OTC market1, persistent central bank buying, and higher demand from Asian buyers, helped drive the gold price to a record quarterly average of US$2,070/oz—10% higher year-on-year and 5% higher quarter-on-quarter. Gold’s diverse uses, in jewellery, technology and by central banks and investors, mean different sectors of the gold market rise to prominence at different points in the global economic cycle. This diversity of demand and self-balancing nature of the gold market underpin gold’s robust qualities as an investment asset.
Gold ETFs holdings and flows
COMEX gold future participants dialled back their total net longs, which reached 905t by the end of October, a 3% m/m fall. This was mainly driven by money managers – their net long positions reduced by 5% to 737t. While the notable rebound in the US 10-year Treasury yield may have negatively impacted trader sentiment, profit-taking activities could be another contributor.
An increasingly complex geopolitical and financial environment is making gold reserves management more relevant than ever. In 2023, central banks added 1,037 tonnes of gold – the second highest annual purchase in history – following a record high of 1,082 tonnes in 2022. This marks the 17th consecutive monthly increase, helping to lift its reported gold holdings to 2,262t (16% higher than at the end of October 2022 when it resumed reporting monthly additions). The data indicates that this is the PBoC’s longest ever reported streak of monthly additions to its gold reserves.
- Gold not only has a spot price, but it also has the LBMA Gold Price, as well as several regional prices.
- Global jewellery demand remained resilient, despite record-high prices, only falling 2% year-on-year.
- World Gold Council and its affiliates and subsidiaries (collectively, “WGC”) provide no warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
- Notably, outflows were seen across major markets in the region – unlike previous months where the UK bore the brunt of losses.
- The Russia–Ukraine war added an additional layer to this, as investors sought high-quality safe havens like gold amid equity market volatility and compounding unanticipated inflation pressures, including record oil prices.
The first week of November saw gold move lower after hitting a new all-time-high on the first of the month (Table 1). Quarterly and annual for supply and demand volumes from 2010 up to the most recently available quarter. A breakdown of the above-ground stock of gold, including a time series of how it has evolved since 2010, and the latest year-end estimate of below-ground stock. Utilise multiple charting tools and download options which allow you to work with the data. Login or register to read the commentary and download the data files on this page. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
Together with the higher gold price, this pushes gold’s share of total reserves close to 4.6%, notably higher than the 3.2% share it had in October 2022. On the supply side, mine production increased 4% year-on-year to 893t – a record first quarter. Recycling also reached the highest level since Q3 2020, jumping 12% year-on-year to 351t, as higher prices were an opportunity for some to cash in on their old gold jewellery.
We value your opinion – The World Gold Council would like to contact visitors like yourself to participate in focus groups, surveys and share your feedback on the World Gold Council website experience. By receiving this information, you agree with the intended purpose of this information as being for educational purposes only. Diversification does not guarantee any investment returns and does not eliminate the risk of loss. 3We regularly review the global gold-backed ETF universe and adjust the list of funds and holdings based on newly available data and information. Any references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only.
North America once again led global inflows while Europe remained the only region with outflows. wcg gold price While gold investment may have been supported by falling local equity markets, the listing of three new gold funds in late March also helped. But while gold investment demand will likely remain strong, price-sensitive consumer elements of demand may be negatively impacted. Anecdotal evidence suggests that gold demand in markets such as India and China has been impacted by a combination of higher and more volatile prices, and by rising COVID cases in the latter. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations. East and Central Asian central banks accounted for the majority of Q1 net purchases.
The 10-year US Treasury yields rose by 100bps in Q1, as the Fed, among others, confirmed the hawkish shift to combat rapidly rising prices. Diversification does not guarantee any investment returns and does not eliminate the risk of loss. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use.