Featured Report
Gold Demand Trends Q3 2023
Central banks gold buying maintained a historic pace but fell short of the Q3’22 record. Jewellery demand softened slightly in the face of high gold prices, while the investment picture was mixed.
Gold Market Commentary: Q4 turbulence ahead
Gold lost 3.7% in September, with the bulk of the move occurring during the last three days of the month. We attribute gold’s challenging month to an extensive run up in bond yields alongside a stronger dollar. The sell off at the end of the month was also likely the result of a strong adverse reaction to US economic data, a fall in the Chinese local premium and a negative technical breach.
Gold Market Commentary: Can gold bear the bond steepener?
Gold declined marginally by 1% in August, in the face of higher yields and a stronger dollar. Sentiment remained weak for most of the month as ETFs continued to lose AUM while COMEX managed money net long futures positions fell to a five month low.
Outflows continued in August
Physically-backed gold ETFs saw net outflows of US$2.3bn in July, equivalent to a 34t reduction in holdings. Despite this, total assets under management (AUM) increased by 2% m/m to US$215bn as a rebound in gold price more than offset negative flows.
Outflows decelerated in July
Physically-backed gold ETFs saw net outflows of US$2.3bn in July, equivalent to a 34t reduction in holdings. Despite this, total assets under management (AUM) increased by 2% m/m to US$215bn as a rebound in gold price more than offset negative flows.
Gold Market Commentary: An unseasonal August may lie ahead
August has been a good month for gold returns over the past two decades, likely driven by seasonally weak bond yields and consumer sentiment, anticipation of seasonal equity volatility in September, and some gold restocking in India and China.
Gold investment market and financialisation: India gold market series
India is one of the world’s largest gold bar and coin markets. Investment demand for gold is driven by its safe-haven appeal and the ability to convert these products into jewellery at a later stage.
The relevance of gold for Australian Self-Managed Super Funds
Gold, in Australian dollars (AUD), delivered positive returns in 2022 and this has continued so far in 2023. It has attracted attention: not only have global central banks continued to buy gold, but Australia’s sovereign wealth fund has also added gold to its portfolio.
Gold Mid-year Outlook 2023: Between a soft and a hard place
Developed market central banks are nearing the end of their tightening cycles.1 For now, market consensus points to a mild contraction in the US in late 2023 and slow growth in developed markets.
Outflows result in H1 disinvestment
Global gold ETFs experienced net outflows of US$3.7bn (56t) in June, calling a halt to their three-month inflow streak. June’s outflow caused global gold ETF demand during H1 2023 to turn negative, leaving collective holdings of global gold ETFs at US$211bn (3,422t).
