Supply and prices shown on the rise in gold report

The average spot price per troy ounce of gold during the second quarter of 2024 established a new record, and a one-day price well-eclipsed the record early in the third quarter.

Image courtesy of World Gold Council.

The World Gold Council reports in its Gold Demand Trends for the second quarter of calendar year 2024 that the London Bullion Market Association’s closing p.m. spot price per troy ounce of gold averaged a record $2,338 during the quarter.

The record price was 18% higher year to year for the same period and 13% higher quarter to quarter.

Both higher and lower closing prices create that record average; the July 17 closing LBMA gold price per troy ounce, for example, was a record $2,480.25.

The total gold supply globally grew by 4% year to year, to 1,258 metric tons, according to the WGC, with mine output of 929 tons a record for the second quarter.

Gold demand was driven by continued central bank buying, according to the WGC, while retail bar and coin investment was 5% lower in the second quarter, at 261 tons, primarily attributed to weak demand from Western markets.

Central bank and other institutional net gold buying was 6% higher year to year, reaching 184 tons. Sales of official government gold coins dropped 38% in the second quarter, to 52.7 tons, from 66 tons, with medals or “imitation coins” (as listed on the report) up 2%, to 24.8 tons.

“The record gold price environment took its toll on second quarter jewelry consumption as volumes fell 19% year to year to a four-year low of 391 tons,” according to the WGC second quarter market analysis.

According to the WGC, “China recorded the largest decline as the high price environment combined with a weaker economic picture.”

Gold recycling was up year to year to reach 335.4 tons.

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