Mar 07

Market Update: Indian demand will recover from 2016’s lows

Published 8th March 2017


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A barrage of policy initiatives aimed at purging India of black money and instilling greater transparency rocked India’s economy last year, including its gold market. The most dramatic was the radical decision to demonetise over 15 trillion rupees, around US$220bn. Other policies – such as the re-introduction of excise duty – affected the gold market, too. And the forthcoming Goods Service Tax (GST) will change the shape of the industry. India’s gold market faces some short-term headwinds. But looking ahead, these policies may deliver a stronger economy and a more transparent gold industry, underpinning gold demand, which we expect to be between 650-750t in 2017.

India store


Mar 06

ゴールド・デマンド・トレンド 2016年通年

Published 7th March 2017

Gold mining and sustainable development, Supply and demand, Jewellery, Investment, Technology, Reserve asset management

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2016年通期の金需要は2%増の4,309トンとなり、2013年以来最高の水準に達しました。これは主に今後の金融政策、地政学的不確定要素、およびマイナス金利に対する懸念のため、投資家からのETF(Exchange Traded Funds)への資金流入が、史上第2位となる532トンに拡大したことによるものでした。


Feb 16









Feb 02

Gold Demand Trends Full Year 2016


2016 was the second best year for ETFs on record. Global demand for gold-backed ETFs and similar products (ETFs) was 531.9t – the highest since 2009. Q4 saw outflows.

Bar and coin demand sprang into life in Q4. Having been subdued for most of the year, the price fall in Q4 was the buying opportunity many retail investors had been waiting for. Q4 was China’s strongest quarter for bar and coin demand since Q2 2013.

The gold price ended the year up 8%. Having risen 25% by the end of September, gold relinquished some of its gains in Q4 following Trump’s conciliatory acceptance speech and the FOMC’s interest rate rise.

2016 saw a 7-year low for jewellery demand. Rising prices for much of the year, regulatory and fiscal hurdles in India and China’s softening economy were key reasons for weakness in the sector.

India’s shock demonetisation policy brought the market to a virtual standstill. An initial rush for gold following the policy announcement came to a swift halt in the ensuing cash crunch.

Central bank demand was the lowest since 2010. Net purchases (383.6t) were 33% lower than 2015, due in part to increased pressure on FX reserves. Despite this, 2016 was the 7th consecutive year of net purchases by central banks. 

Jan 24

Why people invest in gold

Published 25th January 2017


Global retail investment has boomed in the past ten years. While there are regional and country differences, many of the motivations for investing in gold are consistent across markets.

Jan 23

India’s gold market: evolution and innovation

Published 24th January 2017


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In 2015 India was the world’s fast growing economy; in recent years millions have been lifted out of poverty and India’s middle class has swelled. This is important because our econometric analysis indicates income growth drives gold demand. But India’s relationship with gold goes beyond income growth: gold is intertwined with India’s way of life. And as we look ahead, India’s gold market will evolve.

The report is divided into the following sections which may be downloaded individually:

Introduction and overview (pdf, 146.64 KB)

Section 1 – The drivers of Indian gold demand (pdf, 208.42 KB)

Section 2 – Jewellery demand (pdf, 342.04 KB)

Section 3 – Jewellery market structure (pdf, 364.39 KB)

Section 4 – International jewellery trade (pdf, 189.32 KB)

Section 5 – Gold investment market (pdf, 235.75 KB)

Section 6 – Gold in the financial system (pdf, 154.98 KB)

Section 7 – Bullion trade (pdf, 191.45 KB)

Section 8 – Gold refining and recycling (pdf, 148.67 KB)

Section 9 – Gold mining (pdf, 194.16 KB)

Section 10 – Gold policies (pdf, 148.96 KB)

Read the report glossary.

Jan 18


Published 19th January 2017


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  • Jim O’Sullivan:High Frequency Economics首席美国经济学家,被MarketWatch称为“过去10年美国最准确的预言者”
  • John Nugée:著名经济和地缘政治评论员,英国央行前储备主管
  • David Mann:屡获嘉奖的经济学家和渣打银行首席亚洲经济学家。


  1. 政治和地缘政治风险升高
  2. 货币贬值
  3. 通胀预期升高
  4. 股票市场估值升高
  5. 亚洲的长期增长
  6. 新市场的开放

Jan 12

The gold market in 2017

Published 13th January 2017


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In 2016, investors around the world returned in large numbers to the gold market, as a combination of macroeconomic drivers and pent up demand kept interest in gold high. As we start the new year, there are some concerns that US dollar strength may limit gold’s appeal. We believe that, on the contrary, not only will gold remain highly relevant as a strategic portfolio component, but also six major trends will support demand for gold throughout 2017.

The World Gold Council’s 2017 Outlook comprises four sections. A section on major trends that will support, in our view, gold performance this year. And three short sections from notable economists that gauge the economic outlook for the US, Europe and Asia, respectively. Our guest contributors are:

  • Jim O’Sullivan, Chief US Economist at High Frequency Economics, dubbed ‘most accurate forecaster in America over the past 10 years’ by MarketWatch
  • John Nugée, renowned economic and geo-political commentator and former Reserves Chief Manager at the Bank of England
  • David Mann, award-wining economist and Chief Economist for Asia at Standard Chartered Bank.

Using the economic perspective from our guest economists as a backdrop, we believe that there are six major trends in the global economy that will support gold demand and influence its performance this year:

  1. Heightened political and geopolitical risks
  2. Currency depreciation
  3. Rising inflation expectations
  4. Inflated stock market valuations
  5. Long-term Asian growth
  6. Opening of new markets.

Dec 18

金の需要統計2016 年第 3 四半期

Published 19th December 2016

Supply and demand

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Dec 18

ゴールド・デマンド・トレンド 2016年第3四半期

Published 19th December 2016

Supply and demand

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