GoldDemandTrends|Q3202501

GoldDemandTrends

Q32025

GoldsetsnewrecordsinQ3

Demandrisestoanewhighintandemwiththeprice

Totalgolddemand,includingOTC,grew3%y/yto1,313t,thehighestquarterlytotalinourdataseries.Yetthiswaseclipsedbythevaluemeasureofdemand,whichjumped44%y/ytoarecordofUS$146bninQ3.

Year-to-datedemandis1%higherat3,717t,equatingtoUS$384bninvalue,up41%y/y.

InvestorsremainedfirmlyinthedrivingseatinQ3.HugeETFbuying(+222t),

accompaniedbyafourthsuccessivequarterofbarandcoindemandabove300t(316t)fuelledtheriseinoveralldemand.

Centralbankbuyingremainedelevatedat220t,28%uponthepriorquarter,

albeitthaty-t-dbuyingof634thasbeenataslowerpacethanthe724tboughtinthefirstthreequartersoflastyear.

JewelleryconsumptioninQ3postedadouble-digity/ydecline(thesixthin

succession)to371t,asvolumesremainedunderpressureintherecordpriceenvironment.Thiscontrastswitha13%y/yincreaseinvaluetoUS$41bn.

TechnologydemandwasfractionallyweakercomparedwithQ3’24.SupportfromgrowingAIdemandmetwithheadwindsfromUStariffpolicyandthesurginggoldprice.

Chart1:InvestmentdemandcontinuedtodrivedemandgrowthinQ3

TotalquarterlydemandbysectorintonnesandUS$bn*

Tonnes

1,750

1,500

1,250

1,000

750

500

250

0

-250

-500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

-500

US$/oz

Q1'10Q1'12Q1'14Q1'16Q1'18Q1'20Q1'22Q1'24

JewelleryfabricationTechnologyTotalbarandcoin

ETFsandsimilarproductsCentralbanksandotherinst.OTCandotherLBMAGoldPrice(rhs)

*Dataasof30September2025

Source:ICEBenchmarkadministration,MetalsFocus,WorldGoldCouncil

Highlights

TheLBMA(PM)goldpricehit

13newall-timehighsinthe

quarter.

Thepricerose16%duringQ3andgeneratedanaverage

quarterlypriceof

US$3456.54/oz,up40%y/yand5%q/q.

Totalgoldsupplyrose3%y/ytoaquarterlyrecordof

1,313t.

Mineproduction,whichtypicallyseesseasonalgrowthinQ3,wasup2%y/yto977t.

Thesupplyofrecycledgold

remainedelevatedbutstableat344t:up6%y/y,down1%q/q.

Recyclingactivitywasrestrainedtosomedegreebyexpectationsoffurtherpricegainsand

generallysupportiveeconomicconditions.

OTCinvestmentadded55tto

Q3demand.

Thismeasurecaptures

continuedwidespreadglobalinterestfrominstitutionsandhighnetworthindividuals,

particularlyinSeptember.

Formoreinformationplease

contact:

research@

GoldDemandTrends|Q3202502

Goldsupplyanddemand

Table1:Quarterlygoldsupplyanddemandbysector,tonnes

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q/q%

change

Y/y%change

Supply

MineProduction

957.6

944.9

835.9

904.3

976.6

8

2

NetProducerHedging

-6.5

-18.5

-7.1

-24.8

-8.0

-

-

TotalMineSupply

951.1

926.4

828.8

879.4

968.6

10

2

RecycledGold

324.8

358.1

348.7

347.4

344.4

-1

6

TotalSupply

1,275.9

1,284.4

1,177.5

1,226.8

1,313.1

7

3

Demand

JewelleryFabrication

546.5

524.3

424.4

355.6

419.2

18

-23

JewelleryConsumption

460.0

548.7

382.4

341.2

371.3

9

-19

JewelleryInventory

86.6

-24.4

42.0

14.4

47.8

232

-45

Technology

82.9

82.8

80.4

78.6

81.7

4

-2

Electronics

69.1

68.8

67.0

65.8

68.5

4

-1

OtherIndustrial

11.6

11.9

11.3

10.8

11.1

3

-5

Dentistry

2.2

2.1

2.1

2.1

2.0

-1

-7

Investment

364.8

343.4

551.5

477.5

537.2

13

47

TotalBarandCoin

270.1

324.7

324.9

307.0

315.5

3

17

Bars

198.8

236.4

258.0

243.3

237.1

-3

19

OfficialCoins

31.6

52.5

44.3

38.9

31.7

-18

0

MedalsImitationCoins

39.8

35.8

22.7

24.8

46.7

89

17

ETFsandSimilarProducts

94.7

18.7

226.6

170.5

221.7

30

134

CentralBankandOtherInstitutions

199.5

365.1

241.7

172.0

219.9

28

10

GoldDemand

1,193.8

1,315.6

1,298.0

1,083.8

1,257.9

16

5

OTCandother

82.2

-31.2

-120.5

143.1

55.2

-61

-33

TotalDemand

1,275.9

1,284.4

1,177.5

1,226.8

1,313.1

7

3

LBMAGoldPrice(US$/oz)

2,474.3

2,663.4

2,859.6

3,280.4

3,456.5

5

40

Note:Foranexplanationoftheseterms,pleaseseetheNotesanddefinitionsdownload:

/goldhub/data/gold-demand-by-country.

Source:MetalsFocus,ICEBenchmarkAdministration,WorldGoldCouncil

GoldDemandTrends|Q3202503

Outlook

Giventhepaceofinvestmentandpricerises,wereviseourFY2025investmentmateriallyhigherandourjewelleryexpectationslower.Allotherforecastsremainlargelyunchangedasweheadintothefinalquarter.

?Investment:ThesurprisingpaceofgoldETF

accumulationhaspickedupmoresteamgloballyinQ4,tobrieflybreakthroughpriorpeakholdings.

Wethinkit

couldcontinuesupportedbyasolidcaseforfurther

accumulation

?Barandcoinbuyinghasbeenstalwartthisyeardespite

thepricerally.Wemaintainourpreviouslypositivetargetsbutaddalittlefurtherupsidepotential,givenapositive

outlookforChinaandIndia

?Fabrication:Highpricesarelikelytoremainthebiggestobstacletojewellerydemandvolumes.EveniftheysofteninQ4,wethinkadjustmenttosuchpriceswilltaketimetomaterialise.Our‘nogrowth’technologyestimateremainsinplace,tornbetweenthriftingandAIinvestment.

?Centralbanks:Wereviseourcentralbankexpectations

modestlyhigher,encouragedbydemandresilienceinQ3inthefaceofrapidpricerises.Abroadeningofdemandisanotherwelcomeandsupportivefactor.

?Supply:Rampupsandhighmarginscontinueto

incentivisemineproduction.Butoutagesandrevisions

mightonceagaindisappointthoseexpectinganannualrecord.Hedgingisexpectedtobemuted.

?Recyclingcontinuestosurpriseinitslacklustreresponse.Expectationsofyethigherprices,lackofeconomic

distress,lackofreadysuppliesandapreferencetousegoldforcollateralisationarelikelyculprits.Butrisksofasurgearenottobediscountedinthepriceenvironment.

Investment

ThefateoftheUSdollarremainskeyforinvestment

decisions,underheadlinessuchas‘debasement’and‘de-

dollarisation’.Thereissomedisagreementabouthowreadilytheseapply;ourviewisthattherealityismoresubtle.

1

A

weakerdollarduringthefirstninemonthsof2025islargelypinnedonhedgingactivity.USassetsmayhavelostsomeoftheirexceptionalismbuttheyremaincoretomostglobal

portfolios.Hedgingwilljustputtheonusonthemworkingalittleharderforinvestors,andamarginalshiftinto

less

crowdedassets

isprudentportfoliomanagement.

AnticipatedUSpolicyratecutsisanotherkeypillarfor

investors.Whiletheopportunitycostmotiveremains

important,thepotentialconsequencesoflowerratesadd

morenuance,potentiallyreflectingaworseningUSeconomybutalsostokingfearsofinflation;theby-nowfamiliarthemeofstagflation,historicallysupportiveofgold.

GoldETFdemandwasthestandoutsectory-t-d.

Wethink

thedriversofthisdemandremainintact

evenaftertonnageholdingseclipsedtheir2020highs.Asashareofgeneral

portfolios,goldremainsunder-allocatedandafloodofnewinvestorscouldeasilypushholdingsthroughthepreviouspeakgiventhestrategiccasetodosoremainssolid.

Buttherearetacticalrisksthatcouldderailfurtherinflows.

Theseinclude:technicalsellsignals;acontinuedeasingof

Chart2:Scopeforfurtherinvestmentgrowth,centralbankbuyingspreecontinues,fabricationoutlookremainsweak

Expectedchangeinannualgolddemandandsupply*

1,000

900

800

700

600

Tonnes,y/y

500

400

300

200

100

0

-100

-200

-300

-400

CurrentFY25estimate

PreviousFY25estimate

Investment(inc.OTC)FabricationCentralbanksSupply

*Dataasof30September2025.

Source:WorldGoldCouncil

1.FT.com|Goldas‘debasementtrade’doesn’taddup|9

Oct2025,RobinJBrooks|The

DebasementTrade|19Oct2025

Outlook

GoldDemandTrends|Q3202504

tarifftensions;geopoliticalresolutions;softeningfearsofUSFedindependence;andarotationoutofgoldinto‘cheaper’assets.Suchrisksnaturallyproliferatewhenpricesmovethisfastandholdingsapproachpreviouspeaks.

Somefurtherprofit-takinginQ4wouldnotcomeasa

surprisefollowingthemid-Octobersell-off,althoughthe

sellingappearstohavebeenfocusedoutsideofthegoldETFmarket,possiblydrivenbyCommodityTradingAdvisor(CTA)activity.

2

WeremainoptimisticonNorthAmericanand

Europeandemandandviewtheeconomicandpolitical

backdropasconstructiveforresumedbuyingofanydips.

Ourforecastisraisedandourconfidencebandsnarrowed.

WiththeFOMObarandcointradeinfullswing–helped

alongbygeopoliticalconcerns–wemaintainourpositive

full-yearestimate.Gold’srapidpricerisehasnotbeena

deterrentasithasbeenonoccasionhistorically.Onthe

contrary,retailactivitychasingrisingpricesshouldbeaboonforthesector,particularlyfollowingshort-termcorrections.Thisappliesbroadlyacrossgeographies,withChinaand

IndiaseenpickingupsteaminQ4.Tradetensionsand

economicpessimismwilllikelydriveChinesebuying,while

Indianinvestorsmayeschewjewelleryinfavouroflower

marginbarandcoin.Anecdotally,softerUSbarandcoin

demandappearstohavesharplyreversedatthestartofQ4.

Fabrication

AglumstarttoQ3’25wasonthecardsforjewellerydemand.AlthoughChina’sdemandintonnesechoedthelowsoftheGlobalFinancialCrisis,aq/qpickupandstrongspending

providedsomewelcomerelief.AnypricesoftnessinQ4willindicatehowquicklyandconfidentlyconsumersadjusttoprices.Givenhowprolongedtheslumphasbeenandhowstronglypriceshaverisen,therecoverymightnotberapid.

Indianvolumedemandwasalsoweakbutdidnotplumbcrisis-leveldepths.AlikelyresilienteconomyaheadshouldalsogiveususefulstatisticsonpriceadjustmentinQ4,

absentasharpmovehigherorlowerinprices.

Otherregionsmirroredconsumptionpatternsinthetwolargestpurchasingcentres,onereasonmodelsofglobaldemandtendtobequitestraightforwardtoconstruct.

Jewelleryrespondsquiteconsistentlyacrossgeographiestoprice,laggedpriceadjustmentsandchangesinincome.

Givennomajorexpectedchangesinincomeonaglobal

levelinQ4(albeitthatbroadincomegrowthremains

supportivelonger-term),pricemovementsandconsumer

adjustmentarelikelytodictatethesectorsfinalquartertally.

Thereislittletobeaddedtowhatwehavesaidpreviously

abouttechnologydemand.Pricepressureisaconstant

featureforanindustryaccustomedtothrifting.Butatthe

sametimeitcontinuestobenefitfromtheAIboom.Thistugofwarwilllikelyflattendemandfortheyear.

2.

Goldfuturesprinttheirsteepestdeclineinover10years.-CMEGroup

Centralbanks

Centralbanksarelikelytocontinuetheirbuyingspree.Ourfullyearestimateofbetween750-900t–barringany

surprises-islowerthanlastyear,butremains–inlinewithy-t-dflows–surprisinglyresilientgivenstrongpricerises.

Upsideanddownsiderisksarebalanced,dictatedlargelybypricevolatility.However,threefactorsmakeuspositiveoncontinueddemandinQ4andbeyond:

?MajorEMcountries’FXreservesgrowth(y/y)isforecasttopickupinQ4

?Demandhasbroadened,withhithertodormantbanksbecomingactive

?

Our2025centralbanksurvey

showedthestrongest

intentiontocontinuebuyingsinceitwasinitiatedin2019.

Supply

Thethemeofproductiongrowthfromramp-upsandnew

projectsledbyGhana,CanadaandAustraliacouldtake

productiontoanewrecordinFY2025.However,

suspension

ofafewoperations

makesthepredictionalittlelesscertain.

Strongpriceswilllikelycontinuetoincentivisehedging

contractstoexpirenaturally,andthisislikelytoremainanegligiblefeatureoftotalminesupply.Butwhilepricesaremateriallyhigherthanthelastquarter,thethemesremainunchanged.Amoresignificantpricedrop,unlikelyinour

view,couldencouragesomeproducerstolockinprices.

Although,lookingbackatthelargestdrawdownsduring

recentrallies,ourdatashowsnodiscernibleaggregateriseinhedging(Q42008:-49t,Q42016:-24tandQ42023:+21t)

Recyclingcontinuestoundershootexpectations.Distress-sellingwilllikelyrequirealargedentinconsumerbalancesheetswhichwehavenotseen.Thesellingbackwehaveseenappearsopportunistic,andthisifoftenafeatureofahealthyrallyinitsearlyinnings.

Recyclingislikelytobemutedunlessstoreclosuresescalate,butthereisscantevidenceofthatfromChina.Wedonote

cautioninIndia,whereamaterialdropingoldpricescouldinduceforcedsellingtocoverloanscollateralisedwithgoldjewellery.Allinall,arelativelyhealthyglobaleconomy,

alongsidewidespreadexpectationsofhigherpricesfromanalystsarelikelyreticenceofpeopletosellback.

3

3.

R|DeutscheBankraises2026goldforecastto$4,000asbullionhitsrecord

highs

|Sep2025;J|Willgoldpricesbreak$4,000/ozin2026?

GoldDemandTrends|Q3202505

Jewellery

Goldjewelleryvolumesplunge,whilevaluessoar

?Surging,record-highgoldpricesinQ3resultedinasharpy/ydropingoldjewelleryconsumption

?GlobaldemandfelltoitsweakestforathirdquartersincetheCovid-hitlowof2020

?Valuemeasuresofdemand,incontrast,werealmost

universallyhigher,asconsumersspentmoreonjewellery.

Tonnes

Q3'24

Q3'25

Y/y%change

Worldtotal

460.0

371.3

-19

▼

India

171.6

117.7

-31

▼

China

102.4

83.8

-18

▼

Q3jewellerydemandfelly/yacrossallmarkets,almost

withoutexception.Whilethetwomarketgiants–IndiaandChina–eachsawaseasonalq/qupliftindemand,they/y

picturewasdecidedlyweak.Therecordgoldprice

environmentwastheprimaryreasonforthedecline,simplyduetoaffordability.

Incontrast,thevalueofjewelleryconsumption–atUS$41bn–was13%highery/y.

Goldjewelleryconsumptionis18%lowery-t-dat1,095t,

althoughsofarremainscomfortablyabovethe2020lowof894t.Thevalueofgoldjewelleryboughtgloballyy-t-dhasreachedUS$112bn,arecordforourdataseriesand14%

abovetheUS$99bnfrom2024.

China

Headwindsfromthehighgoldpriceandlacklustre

consumersentimentpushedgoldjewelleryconsumption

downto84t,theweakestQ3since2007.Thisbroughty-t-dChinesegoldjewelleryconsumptionto278t,downbya

quartercomparedtoQ1-Q32024.

Theq/qcomparison,however,showsanuptickindemand,primarilyduetoseasonalfactors.

Andthepicturelooksdifferentwhenweconsiderdemandinvalueterms.InQ3,ChineseconsumersspentRMB66bn

(US$9bn)ongoldjewellery–thesecondhighestQ3spendever,justshortoftheQ3’23recordofRMB71bn(US$10bn).

AfteratypicallyslowJuly,demandbegantorecovertoward

theendofAugust,supportedbyChineseValentine’sDay

gifting.

4

Furthermore,aperiodofrelativelystablegoldpricesinJulyandAugustallowedconsumerstimetoadjusttothe

higherpricelevel.

Wedding-relatedgoldpurchasesaheadof

theearlyOctoberGoldenWeek

–apopularperiodfor

marriages–alsoboosteddemandtosomeextent.

Chart3:Goldpricesawanotherrecord-breakingquarter

Dailygoldpriceinkeycurrencies,indexedto1January2025*

160

150

Indexlevel

140

130

120

110

100

90

Jan-25Feb-25Mar-25Apr-25May-25Jun-25Jul-25Aug-25Sep-25

USDEURJPYGBPINRCNYTRY

*Dataasof30September2025.

Source:Bloomberg,ICEBenchmarkAdministration,WorldGoldCouncil

4.ChineseValentine’sDay(knownastheQixifestival)iscelebratedontheseventhdayof

theseventhlunarmonth.In2025,itfellon19August.

Jewellery

GoldDemandTrends|Q3202506

Table2:Jewellerydemandinselectedcountries,tonnes

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q/q%

change

Y/y%change

India

171.6

189.8

71.4

88.8

117.7

33

-31

Pakistan

4.0

4.6

4.2

4.1

3.7

-10

-8

SriLanka

1.1

1.3

1.0

1.2

1.0

-22

-11

GreaterChina

109.5

114.2

132.5

73.8

90.4

22

-17

ChinaPRMainland

102.4

106.1

124.9

69.2

83.8

21

-18

HongKongSAR

6.2

7.1

6.4

3.7

5.8

54

-7

TaiwanProvinceofChina

0.9

1.0

1.2

0.9

0.8

-2

-7

Japan

4.0

4.2

3.0

3.1

3.4

9

-15

Indonesia

5.4

7.7

4.1

3.3

3.8

12

-30

Malaysia

2.3

2.6

3.8

2.5

2.3

-9

-2

Singapore

1.5

1.6

1.7

1.5

1.4

-8

-8

KoreaRepublicof

2.7

2.8

4.1

2.6

2.5

-6

-8

Thailand

2.4

2.9

1.7

1.6

2.1

30

-10

Vietnam

2.6

3.3

3.5

2.5

2.2

-9

-15

Australia

2.0

2.9

1.3

2.3

1.8

-22

-10

MiddleEast

35.9

43.4

45.1

39.8

33.8

-15

-6

SaudiArabia

10.5

12.3

14.6

11.2

9.8

-12

-7

UAE

7.1

8.8

7.9

7.7

6.3

-18

-10

Kuwait

2.6

3.5

2.4

2.7

2.4

-9

-7

Egypt

5.1

6.3

6.4

5.7

4.4

-23

-15

IslamicRepublicofIran

6.2

6.8

7.2

7.3

6.5

-11

6

OtherMiddleEast

4.4

5.7

6.6

5.2

4.4

-15

-1

Turkey

9.4

11.9

8.9

9.0

8.5

-6

-10

RussianFederation

10.6

11.6

7.5

8.0

10.1

27

-5

Americas

37.1

61.3

31.7

39.8

33.4

-16

-10

UnitedStates

27.8

47.0

23.3

29.5

24.6

-17

-12

Canada

2.4

5.5

2.6

3.0

2.2

-26

-7

Mexico

3.4

3.7

2.8

3.2

3.2

0

-5

Brazil

3.5

5.1

3.1

4.0

3.3

-17

-5

EuropeexCIS

12.5

28.8

10.0

13.9

11.2

-19

-10

France

1.9

5.9

2.3

2.4

1.4

-40

-23

Germany

2.0

4.1

0.9

2.3

1.9

-19

-5

Italy

2.8

9.0

2.3

3.6

2.5

-29

-10

Spain

2.0

2.6

1.9

2.0

1.9

-4

-5

UnitedKingdom

3.9

7.2

2.5

3.6

3.5

-4

-10

Switzerland

-

-

-

-

-

-

-

Austria

-

-

-

-

-

-

-

OtherEurope

-

-

-

-

-

-

-

Totalabove

414.5

494.8

335.4

297.8

329.2

11

-21

Other&stockchange

45.5

53.9

47.0

43.4

42.2

-3

-7

Worldtotal

460.0

548.7

382.4

341.2

371.3

9

-19

Source:MetalsFocus,WorldGoldCouncil

Jewellery

GoldDemandTrends|Q3202507

Conventionalandmoreheavily-designed24kjewellery

sufferedthesharpestlosses,whilelighter-weightpieces

wererelativelyresilient.

HardPuregolditemscontinuedto

outperformrelativetoothers;

greateraffordability,aswellasinnovativedesignsandthecreativeuseofmaterialslike

gemsandenamel,helpeddrivethisoutperformance.

Retailersalsoincreasedtheireffortstopromoteitemswithhighpremiumsandintricatecraftsmanship.

SeasonalpatternssuggestfurtherdemandpickupinQ4,

butdemandvolumesarelikelytostaywellbelowlong-termaveragesasthegoldpriceremainsextremelyelevated.Thesurginginternationalgoldpricedisruptedgoldjewellery

salesduringtheearlyOctobereight-dayGoldenWeek

holiday.Moreover,alater-than-usualChineseNewYear’s

holidaynextyearmaydelaybothretailerreplenishmentandlunaryear-endconsumerpurchase–atraditionalpeak

seasonforgold.

5

Onthebrightside,potentialfurthereasingofmonetaryorfiscalpolicy,aswellasthepossibilityofastabilisinggold

price,couldoffersomesupportforgoldjewellerydemand.

India

Indiahaditsweakestthirdquarterforjewelleryconsumptionsince2020,at118t,reflectingthesurginglocalgoldprice,

whichsurpassedtheRs117,000/10glevelduringthequarter.

Thevaluemeasureofdemandwasmoreresilient.Q3

spendingofRs1,143bn(US$13bn)wasonapar

withthevery

strongquarterofQ3’24,

whendemandjumpedtoanine-

yearhighfollowingacutinIndianimportduties.Thevalueofdemandy-t-dhasreachedarecordRs2,513bn(US$29bn).

Thedomesticgoldpricerisewasmagnifiedbylocalcurrencydepreciationduringthequarter.This,andalackofmajor

festivalsandweddings,keptalidonjewellerybuyingduringJulyandAugust.

DemandwasignitedinSeptember,however;the

acceleratingpricerallytriggeredconsumerstopurchase

beforepricesrosefurther.Anecdotally,theendofShradh(a15-dayinauspiciousperiodforgoldbuying)on21st

Septembersawarushofdemand.

Therisingpricehasnotonlyincreasedthedemandfor

lighter-weightandlower-caratpieces,butconsumersare

alsoincreasinglywillingtoexchangeoldgoldjewellery,

ratherthanbuynewgolditemsoutright.Furthermore,thereseemstobeevidencethatdemandisshiftingawayfrom

jewellerytowardslower-margin,smallinvestmentproducts.

18kplainjewelleryhasseenincreasedacceptanceacross

manypartsofthecountry,attheexpenseofmoretraditional22k.Butdemandfromwealthierconsumershassofarheld

firm,reflectedinrelativelystrongsalesofhigh-valuejewelleryitems.

Chart4:Recordpricepressuredgoldjewellerydemandvolumes,butboostedvalue

Quarterlygoldjewelleryconsumption,tonnesandvalue*

800

700

600

Tonnes

500

400

300

200

100

0

50

45

40

35

30

25

20

15

10

5

0

US$bn

Q1'14Q1'15Q1'16Q1'17Q1'18Q1'19Q1'20Q1'21Q1'22Q1'23Q1'24Q1'25

ChinaIndiaRestofWorldTotalvalue(rhs)

*Dataasof30September2025.

Source:ICEBenchmarkAdministration,MetalsFocus,WorldGoldCouncil

5.LunarNewYearfallson17February2026.

Jewellery

GoldDemandTrends|Q3202508

Q3alsosawacontinuationofthetrendforIndian

consumerstousetheirgoldjewelleryascollateralforloans.Datasuggeststhat,sofarthisyear,consumershavepledgedatleast220tofgoldjewelleryinthisway,

helpingtokeepa

lidonthedomesticsupplyofrecycledgold.

MiddleEastandTurkey

ThesharplyrisinglocalgoldpricekeptjewellerydemandinTurkeyunderconsiderablepressureinQ3.Demandof26tduringthefirstthreequartersisonaparwiththatof2021–ayearinwhichthegoldpriceaveragedUS$1,769.6/oz.

ConsumerinflationinTurkeyremainsverypunitive,erodingconsumersentimentandpurchasingpoweralike.Continueddomesticandregionalgeopoliticaltensionshavealso

contributedtoweaknessinthemarket.

Demandwassimilarlyweakforvirtuallyallmarketsacross

theMiddleEast,withsharplyhighergoldpricesimpacting

affordability–andencouragingsomeselling-backofhigh-

caratjewellery–andregionalgeopoliticsnegativelyaffectingconsumersentiment.Iranwastheexception,whereay/y

increaseingoldjewellerydemandwasmotivatedbysafe-haveninvestmentbuying.

USandEurope

JewellerydemandintheUSextendedthedowntrendthathasbeeninplacesinceQ2’22.Demandof25twasthe

weakestforathirdquarterinourdataseriesbackto2000.

Contrastingly,demandmeasuredinvaluetermscontinuestogofromstrengthtostrength.USgoldjewelleryspendgrewtoUS$3bninQ3–theninthconsecutivey/yincrease.

Fallingvolumeswereduetothehighandrisinggoldprice,whichcontinuedtoimpactaffordability,withconsumers

shiftingtolower-carat,lighter-weightitemsaswellasreducingtheirfrequencyofpurchase.

MarketsacrossEuropewitnesseduniversaldeclinesin

jewelleryvolumes,withFranceseeingthemostpronouncedcontraction.Mirroringtheglobalpattern,demandinvalue

termswaspositive,showingthatconsumerswerepreparedtospendmoreongoldjewellery,albeitthatthistranslatedtolowervolumes.

ASEANmarkets

ASEANmarketsforwhichwereportdatauniversally

witnesseddeclinesingoldjewelleryvolumesinQ3asrecordhighpricessqueezedconsumerpurchasingpower.For

muchoftheregion,demandinvaluetermsmadedouble-digity/ygains,incontrasttothenotableweaknessin

tonnagevolumes.

Indonesia,wastheonlycountrytoalsoseeay/yfallinthe

valueofdemand.Constrainedbysurginggoldpricesand

highercostsoflivingamidchallengingeconomicconditions,consumerscontinuedtoshifttowardslow-caratitems.

RestofAsia

Adouble-digitdeclineinJapanesejewellerydemandresultedintheweakestQ3onrecord,atjust3t.Demandforkihei

chains(plainchainsoftenboughtasaquasi-investment)washealthyandofferedsomesupport,withreportssuggestingthistrendgatheredpaceinOctoberasthepricerallysurgedanddomesticdemandexploded.

Thelong-termdowntrendinSouthKoreanjewellerydemandcontinuedinQ3.Consumptionwassupportedinpartbytheweddingseason,andbyconsumersbringingforward

purcha