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First quarter 2014 in summary

World Gold Council

Gold jewellery demand totals 571t in Q1, biggest start to year since 2005

Jewellery demand grew 3% year-on-year to reach 571t, the largest Q1 volume since 2005, as consumers responded positively to lower average gold prices. Geographically, demand was wide-spread; however it was China that posted the largest volume increase, rising by 18 tonnes from Q1 2013.

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Shifts in the components of investment cancel out: net investment demand little changed, down 2%

First quarter investment demand of 282t was just 6 tonnes below Q1 2013. Bar and coin demand was down 39% from last year’s elevated levels, while outflows from ETFs slowed to a virtual halt compared with outflows of 177t in Q1 last year.

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Technology demand slips 4% as substitution to alternative metals continues

All segments of technology saw a 4% decline in the first quarter, resulting in overall demand for the sector of 99t. The fall was primarily driven by continuing substitution to cheaper alternatives as manufacturers remained under pressure to reduce costs.

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Central bank demand remains strong; net purchases reach 122t in Q1

First quarter demand from central banks once again topped the 100t level, and marked the 13th consecutive quarter of net purchases. The desire to diversify holdings in an uncertain global environment continues to underpin this source of demand.

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Gold supply totalled 1,048t; increased mine production offset by lower recycled gold

The supply of gold in Q1 2014 saw a marginal year-on-year increase of 1%. Increased mine production was offset by a fall in recycled gold coming onto the market, leading to a total supply figure of 1,048t.

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