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Gold demand lifted by central banks and ETFs in Q1

Topics [ gold market ]

Global gold demand grew to 1,053.3t in the first quarter of 2019, up 7% on the same period last year, according to the World Gold Council’s latest Gold Demand Trends report. The year-on-year increase was largely due to continued growth in central bank buying, as well as growth in gold-backed exchange-traded funds (ETFs).

Central banks bought 145.5t of gold in Q1, up 68% on the same period in 2018. This represents the strongest start to a year since 2013, the WGC reported. Diversification and a desire for safe, liquid assets were again the main drivers of the purchases, it added.

Meanwhile, ETFs and similar products added 40.3t in Q1, up 49% on last year. Funds listed in the US and Europe benefitted from the largest inflows, although the former were more erratic while the latter were underpinned by continued geopolitical instability, the report said.

While Q1 jewellery demand rose 1% compared with the same period last year, bar and coin investment softened slightly, down 1% to 257.8t. The report highlighted Japan as one of the main contributors as a result of profit taking following a surge in the local price in February.

Download the full report: Gold Demand Trends Q1 2019.

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