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2012 Sees Gold Demand Hit Record Value Level - Q4 2012 Up 4% Year-on-Year As India, China And Central Banks Drive Demand

“Despite the turbulent macroeconomic climate throughout the year, as well as the regional uncertainties affecting India and China, the two largest gold markets, annual demand was 30% higher than the average for the past decade.”

Gold demand and supply statistics for Q4 and full year 2012:
  • Fourth quarter gold demand of 1,195.9t was up 4% compared with Q4 2011 but down 4% on the full year.
  • The value measure of gold demand in Q4 2012 was 6% higher year-on-year at US$66.2bn and 2% up over the full year at a record US$236.4bn.
  • The Q4 2012 average gold price reached a record level of $1,721.8/oz, up 1% on the previous record average price in Q3 2011.
  • Investment demand (the sum of ETFs and total bar and coin demand) was 424.7t, down 8% compared to the same quarter last year, but was 19% above the five year quarterly average.
  • Demand for ETFs and similar products in Q4 was down by 16% on the corresponding quarter in 2011 to 88.1t, but was up by 51% on the full year.
  • Demand in the jewellery sector was up 11% to 525.3t compared to 472.4t in the same quarter in 2011. Jewellery demand for the full year 2012 was down 3% on 2011 in tonnage terms.
  • Fourth quarter demand for gold in the technology sector was down on Q4 2011 by 3% at 100.9t which is in line with expectations, following moves by manufacturers to substitute gold bonding wire. This was as much a reflection of the inventory cycle, as of weaker demand for electrical items. Technology demand for the full year 2012 was down 5% on 2011 in tonnage terms.
  • The Q4 2012 supply of gold from mines was up 2% year-on-year, while recycling was down 5% against the same period. Full year supply in 2012 remained stable against 2011 levels.
  • Official sector purchases stood at 145.0t in Q4, up 29% on the corresponding quarter in the previous year, making this the eighth consecutive quarter in which central banks have been net purchasers of gold. Central bank buying for the full year rose by 17% compared to 2011, totalling 534.6t, the highest level since 1964.

The Q4 and full year 2012 Gold Demand Trends report, which includes comprehensive data provided by Thomson Reuters GFMS, can be viewed at: http://www.gold.org/media and on our new iPad app which can be downloaded from http://www.itunes.com and a video can be seen here.

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