Global gold demand buoyed by strong central bank buying in H1

0 Comment(s)Print E-mail Xinhua, August 2, 2023
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Photo taken on May 10, 2021 shows a piece of gold ornament on display during the first China International Consumer Products Expo in Haikou, capital of south China's Hainan Province. [Photo/Xinhua]

Total gold demand, inclusive of over-the-counter and stock flows, in the first half of the year amounted to 2,460 tonnes, 5 percent higher than the same period last year, a report confirmed on Tuesday.

The report by the World Gold Council (WGC) highlighted that gold benefited from record central bank buying, healthy investment markets and resilient jewelry demand.

Central banks continued to accumulate gold, with purchases in the period reaching a record 387 tonnes, according to the WGC.

Partly driven by a rebound in Chinese demand, global jewelry consumption remained resilient in the face of high prices, recording a total of 951 tonnes in the first half of the year, said the council.

Mine production is estimated to have reached a record for the first half of the year at 1,781 tonnes, the council said. 

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