Daily Gold Market Report

Gold’s Resilient Q3 2023
High Mine Production Meets Varied Investment Trends

(USAGOLD – 11/1/2023) Gold has cooled off some as we wait for the Fed’s interest rate decision today. Gold is trading at $1986.96 this morning, up $3.08. Silver is trading at $22.73, down 11 cents. The World Gold Council reports in Q3 2023, gold demand surpassed its long-term average, with central banks continuing significant buying, though not reaching Q3 2022’s record. Despite high gold prices causing a slight dip in jewelry consumption, total gold demand, including OTC, grew by 6% year-over-year to 1,267t. Investment demand was mixed: it increased 56% year-over-year but fell short of its five-year average, and gold ETFs saw reduced outflows. While gold use in technology decreased, mine production reached an all-time high of 971t, and recycling surged 8% year-over-year​​.


This entry was posted in Daily Market Report. Bookmark the permalink.