The World Gold Council’s latest Gold Demand Trends report reveals that gold demand, excluding OTC, in the second quarter was down 8% year-on-year to 948t. However, thanks to strong ETF inflows in Q1, gold demand for the first half of 2022 is up 12% compared to H1 2021 at 2,189t.
After an initial rally in April on geopolitical risks and building inflationary pressure, the gold price dropped in the second quarter of 2022 as investors shifted their focus to rapidly rising interest rates and a strikingly strong US dollar.
The 6% decline in the gold price over the quarter impacted gold ETFs, which saw outflows of 39t in Q2. Net H1 inflows totalled 234t, compared to 127t of outflows in H1 2021. However, the Q2 decline likely sets a weaker tone for ETFs in H2, given a potentially softening inflation outlook amid continued rate rises.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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