Page 34 - Bullion World Issue 4 August 2021

Bullion World | Issue 04 | August 2021

Gold Demand Trends

Q2 2021

Strong consumer demand recovery and gold ETF inflows in Q2
were not enough to offset heavy Q1 outflows.

ETFs saw modest inflows in Q2 Q2 bar and coin demand
grew 56% y-o-y

Bar and coin investment
Two consecutive Modest
quarters of inflows in Q2
strong outflows
ETFs +41t +56%

244t

Q3 2020 Q4 2020 Q1 2021 Q2 2021

Q2 inflows into global gold ETFs only partly Q2 was the fourth consecutive quarter of strong
offset Q1 outflows. year-on-year growth in bar and coin investment,
56% higher at 244t.

Q2 jewellery demand Indian Q2 jewellery demand
rebounded y-o-y recovered but remained soft

391t Q2 +25%
y-o-y
Q2 2021 2021
COVID-19
-46%
q-o-q

While jewellery demand continued to recover from Q2 jewellery demand increased 25% y-o-y but was 46%
the COVID-hit weakness of 2020, it remained well lower than Q1 as lockdowns were imposed to try and
below average pre-pandemic levels. limit the second wave of the virus.

Central bank interest in Total H1 supply bounced
gold reignites back to 2,308t

73% above five-year
quarterly average +9%
-5%
200t
1,783t
Q2 546t

H1 mine production increased 9% to 1,783t –
Global gold reserves grew for a third consecutive quarter. the largest first half level on record –
Central banks bought a net 200t in Q2, 73% higher than while recycling fell 5% to 546t as the economic
the five-year average. recovery reduced the incentive to recycle gold.

Note: data as of 30 June 2021
Source: Metals Focus, World Gold Council

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