A report issued by the World Gold Council revealed an increase in demand from central banks during the first quarter of this year, and the official sector institutions in the country remained keen and committed to buying gold.to goadding about 228 tons to global reserves.
Money and coin investment rose 5% yoy to 302t, masking some significant regional differences. In contrast, negative net demand for ETFs, though modest at -28.7t, led to a significant yoy decline. year-on-year compared to the large inflows seen in the first quarter of 2020.
Global jewelry consumption was nearly flat at 478t, with jewelry manufacturing outpacing consumption as inventory building added just over 30t to global inventories.
The use of gold in the technology sector continued to suffer from the difficult economic climate, with demand falling to 70 tons, the second-lowest quarter in a series of data going back to 2000.
gold
Modest growth in both mine production (+2%) and recycling (+5%) led to a marginal increase in the total supply of gold In the first quarter to 1,174 tons, the rise in recycling was largely the result of higher gold prices.
averaged gold price $1,890 per ounce during the first quarter, marginally higher year-over-year, and the price was 10% higher than the prior-quarter average, which is close to a record high in the third quarter of 2020.
China saw a strong post-COVID first quarter pickup in unrestrained consumer spending, as the recovery of the domestic economy and healthy income growth invigorated domestic consumption, while stimulating the performance of gold price Interesting investment.
Indian demand fell sharply as it pressedgold prices In the first quarter, high and volatile local gold prices discouraged investment and jewelry consumption.
Investment dominates the outlook for 2023, as the Gold Council sees the yellow metal market still witnessing a good rise in investment this year, while the manufacturing picture (jewelry and technology) is more depressing.
The Gold Council report forecasts further aggressive central bank buying, albeit below the record for 2022. Modest growth is likely in both mine and recycling production.
Gold prices in Egypt
According to the data of any goldsmiths trading site goldThe price of a gram of 24 karat gold came at 2997 pounds, and the price of a gram of 21 karat gold came at 2620 pounds, while the price of 18 karat gold came at 2245 pounds.
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2023-05-07 14:23:53
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