Annual gold demand (excluding transactions that take place over-the-counter, OTC) of 4,448 tons was 5 percent below a very strong 2022, according to the World Gold Council.
Inclusive of significant OTC and stock flows (398 tons), total gold demand in 2023 was the highest on record at 4,899 tons.
Central bank buying maintained a breakneck pace. Annual net purchases of 1,037 tons almost matched the 2022 record, falling just 45 tons short.
Global gold ETFs saw a third consecutive annual outflow, losing 244 tons. The pace of outflows slowed markedly into yearend, but October’s hefty outflows dominated the fourth-quarter picture.
Annual bar and coin investment saw a mild contraction (down 3 percent year-over-year) as divergent trends in key Western and Eastern markets offset one another.
Annual jewelry consumption held steady at 2,093 tons, even in the very-high-gold-price environment. China’s recovery supported the robust global total.
Despi