Books – Islam Saeed Sunday, November 05, 2023 02:00 AM
It’s still a movement gold Since the beginning of 2023, it has witnessed noticeable changes and disturbances, coinciding with changes in the volume of demand, whether from central banks or the markets most in demand for gold, including the European market. The decline in demand for gold in the European region has contributed to a 14% decline in investment and bullion since the beginning of 2023.
Data from the World Gold Council revealed that investment in bullion and coins fell by 14% year-on-year to 296 tons, led by a sharp decline in demand from the European region.
According to the latest report from the World Gold Council, there is a slight decrease in the consumption of jewelry and gold jewelry, down 2% year-on-year to 516 tons due to strong gold prices.
Gold reserves announced by global central banks rose by a net 77 tons of gold during the month of September, as banks’ total sales amounted to only 1 ton compared to purchases of 78 tons, which indicates the strength of central banks’ purchases of gold.
The data showed that all buyers from central banks in September were from emerging markets, with the Chinese central bank buying the largest amount of gold at 26 tons, followed by the Polish central bank and the Bank of Uzbekistan.
Last week, the World Gold Council announced the gold trends report during the third quarter, which showed an increase in demand for gold by central banks by 337 tons, which is the third largest level of purchase during a quarter in the World Gold Council data, but it is less than banks’ purchases in the third quarter. From 2022 when it was worth 459 tons.
While since the beginning of the year, demand from central banks has increased by more than 14% compared to the same period last year, reaching a new record level of 800 tons of gold.
2023-11-05 00:00:00
#decline #demand #gold #European #region #affect #metal #seventh #day
