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Gold Demand Trends Full Year 2023

High gold price reflects strong demand

Another year of blistering central bank buying, together with resilient jewellery consumption, offset sizable ETF outflows.

  • Annual gold demand (excluding OTC) of 4,448t was 5% below a very strong 2022. Inclusive of significant OTC and stock flows (398t), total gold demand in 2023 was the highest on record at 4,899t.
  • Central bank buying maintained a breakneck pace. Annual net purchases of 1,037t almost matched the 2022 record, falling just 45t short.
  • Global gold ETFs saw a third consecutive annual outflow, losing 244t. The pace of outflows slowed markedly into year-end, but October’s hefty outflows dominated the Q4 picture.
  • Annual bar and coin investment saw a mild contraction (-3% y/y) as divergent trends in key Western and Eastern markets offset one another. 
  • Annual jewellery consumption held steady at 2,093t, even in the very high gold price environment. China’s recovery supported the robust global total. 
  • Despite a Q4 recovery in electronics, the annual volume of gold used in technology fell below 300t for the first time in our data series.

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