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20 November 2025

Home / White Papers 2023

Gold Demand Trends Q2 2023

Highlights

  • The LBMA (PM) gold price averaged US$1,976/oz during Q2, a record high. This was 6% higher y/y and 4% above the previous record high from Q3’20. Currency moves meant that several countries saw further strength in local gold prices, notably China and Turkey.
  • H1 gold demand (excluding OTC) was 6% lower at 2,062t. The y/y decline was largely explained by this year’s modest outflows from gold ETFs being compared with the strong surge of inflows in early 2022. Total demand in H1 (inclusive of OTC and stock flows) increased by 5% to 2,460t.
  • Central bank gold buying in H1 reached a first-half record of 387t. Despite the Q2 slowdown, the strong Q1 start set the seal on a record-breaking H1. Buying activity remains widespread and distributed among both emerging and developed countries.
  • Local market conditions have driven exceptional gold demand in Turkey in recent quarters. Combined H1 jewellery, bar and coin demand reached 118t, the highest first half year since 2007 when Turkish lira gold prices were a fraction of their current record levels. Presidential elections, dizzying inflation and currency weakness all contributed to drive demand up.
  • Gold recycling for the first half was 9% higher y/y, with much of that growth coming from China and India. Base effects played a role in both markets, as recycling had been relatively weak in Q2’22. Recycling activity has yet to pick up notably in Western markets, despite high gold prices and cost of living pressures.

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  •   31 August 2023
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