世界黄金协会-黄金需求趋势（2021年第一季度）（英文）-2021.4-19页.pdf

29 April 2021 |
Gold Demand Trends
Q1 2021
Highlights Q1 saw gold demand of
Global gold ETF holdings fell
by tonnes (t) (US$). Strengthening consumer demand
Western markets drove outflows as
US rates rose sharply and the US mitigated the impact of ETF outflows as
dollar strengthened. global economies continued to recover.
The US dollar gold price fell 10%
during Q1. The recent downward Q1 gold demand (excluding OTC) was , virtually on a par with Q4 2020, but
down 23% compared with Q1 2020.
trend was fuelled in part by ETF
outflows and a reduction in net long While the average gold price in Q1 was 13% higher y-o-y, it declined by 4% q-o-
positioning in the futures market, but The opportunity to buy at lower prices, relative to the highs seen last year, boosted
strong consumer demand helped to consumer demand, particularly as many markets continued to emerge from lockdown
provide support. and economic recovery lifted sentiment.
Jewellery demand of was 52% higher than the very weak Q1 2020.
Demand for gold bars and coins The value of jewellery spending – US$ billion (bn) – was the highest for a first
saw a third successive quarter quarter since Q1 2013.
of growth. Investment in these
Bar and coin investment of (+36% y-o-y) was buoyed by bargain-hunting,
products reached – the
as well as by expectations of building inflationary pressures.
highest quarter since Q4 2016.
Growth in consumer demand was offset by strong outflows from gold-backed ETFs
Jewellery demand staged a (gold ETFs), which lost in Q1 as higher interest rates and a downward price
strong reco