Gold News – 30.Apr.2024
Gold News
- Gold Demand : Rose to 1,238 metric tons in Q1, a 3% increase year-on-year, marking the strongest first quarter since 2016. Excluding OTC, demand was down 5% at 1,102 tons.
- Gold Price : Achieved a record quarterly average of $2,070 per troy ounce, an increase of 10% year-on-year. June futures reached an all-time high of $2,448.8 per troy ounce on April 12.
- Central Bank Purchases : Added 290 metric tons in Q1, the strongest start to any year on record. Notable buyers included China (27 tons), Turkey (30 tons), India (19 tons), and Kazakhstan (16 tons).
- OTC Demand : Increased by 3% with 312 tons of bars and coins purchased. Asia and the Middle East saw growth, while the U.S. and Europe engaged in profit-taking.
- Investor Behavior : Eastern investors bought into the price rally, while Western investors took profits.
- ETF Demand : Experienced a net outflow of 114 tons ($6 billion worth) due to factors like a strong U.S. labor market and high inflation. However, total assets under management rose 4% to $222 billion.
- Jewelry Consumption : Remained strong, dipping just 2% to 479 tons. India’s demand rose 4%, but China’s fell 6%.
- Gold Supply : Increased by 3% to 1,238.3 tons. Mined supply reached a record 893 tons, and recycled supply rose 12% to 350.8 tons.
Author : Arman Shaban
To see more analyzes of Gold , Forex Pairs , Cryptocurrencies , Indices and Stocks , be sure to Follow and Joinus on other Platforms :
– Public Telegram Channel
– YouTube Channel
– TradingView
– X (Twitter)
– How to join our FOREX VIP Channel ?
– How to join our Crypto VIP Channel ?
– CONTACT ME directly on Telegram
