Global gold supply up by 4% YoY
Gold demand for jewellery fell by 7% The global gold market saw a solid start to 2022, with first quarter demand (excluding OTC) up 34% year-on-year, thanks to strong ETF flows, reflecting gold’s status as a safe haven investment during times of geopolitical and economic uncertainty. Geopolitical crises weighed heavily on the global economy and reinvigorated investor interest, pushing the gold price briefly to US$2,070/oz in March, just shy of its all-time high. The World Gold Council’s latest Gold Demand Trends Report reveals gold ETFs had their strongest quarterly inflows of 269t since Q3 2020, more than reversing the 173t annual net outflow from 2021 and driven in part by the rising gold price Turning to the jewellery sector, global gold demand fell 7% year-on-year to 474t, driven primarily by softer demand in China and India. Despite a strong performance in China over the lunar New Year period, this was later dampened by Covid outbreaks in February and March leading to strict l