Australian demand for gold falls in Q3 as sticky inflation weighs on investment sentiment
Gold remains supported by sustained ‘historic’ buying from central banks
Australian demand for gold fell sharply in the third quarter of 2023 as high AUD gold prices tamped local demand amidst pressures from higher interest rates and rising costs of living.
The World Gold Council’s Q3 Gold Demand Trends report reveals that AUD demand for gold was down by 44% from highs seen when economies reopened post COVID in Q3 2022. Australians consumed 12% less gold jewellery in Q3 y/y, while local investment demand for bar & coin was down 58% y/y.
Globally, support for the asset continues as central bank buying maintains a historic pace, bringing quarterly gold demand (excluding OTC) to 1,147t, 8% ahead of its five-year average.
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