While brisk retail investment lifted bar and coin demand to a nine-year high, the strong growth in Europe, Turkey and the Middle East offset a sharp slowdown in China, where demand was affected throughout the year by COVID-related factors.
Indian gold demand remained robust compared with longer-term pre-pandemic levels. Despite a fairly soft start to the year, Indian consumer demand recovered and only just fell shy of the strong levels of demand seen during 2021. Continued recovery from COVID-19 boosted yearly comparisons, although the sharp local price rally choked off demand in the closing weeks of December.
Total gold supply halted two years of successive declines in 2022, lifted by modest gains in all segments. Full-year mine production grew 1% but failed to match its 2018 peak. Annual recycling supply made only marginal gains, despite strong local currency price rises in many markets.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished