The total demand for gold last year was 4,021.3 tons, up 10% compared to 2020. The strong growth in demand is mainly due to an encouraging Q4 2021, in which demand for gold rose by almost 50% compared to the same quarter in 2020, reaching 1,146.8 tons.
Thus, in the period from 2011 to 2021, the average annual growth in the volume of demand for gold was 0.8%. In the 4th quarter of 2021, the production of gold jewelry increased by 47% compared to the previous year and reached 713 tons. Demand for gold jewelry in India increased especially strongly - by 85% to 343.9 tons. Chinese demand for gold jewelry also showed strong growth by 23% to 264.9 tons.
Gold demand was also strong in Europe: France +42% to 7.2 tons, Italy +19% to 9 tons, Spain +24% to 2.6 tons, UK +26% to 13.3 tons. The trend was more moderate in Germany +4% to 44.5 tons and in Switzerland +1% to 9.7 tons. .9 tons
Demand for gold for investment purposes grew especially strongly: it increased by 118% compared to the same quarter of 2020 and amounted to 300.2 tons. Demand for gold bars increased by 30% to 220.8 tons, but demand for official gold coins fell by 13% to 68.1 tons, while the demand for gold medals rose by 41% to 28.9 tons.
Demand for gold from ETFs decreased by 17.6 tons (in Q4 2020 it decreased by 131.2 tons). Looking at 2021 as a whole, demand for gold ETF shares fell by 173.3 tons after an influx of 874 tons in 2020. It can be seen that the demand for gold ETFs is subject to large fluctuations.
In the last quarter of last year, the demand for gold from Central Banks decreased by 22% to 47.7 tons. However, in 2021 as a whole it increased by 82% compared to 2020, reaching 463.1 tons. In 2021, the total supply gold decreased by 1% compared to the previous year and amounted to 4666.1 tons. Precious metal production at the deposits increased by 2% to 3560.7 tons, while the volume of recycled gold decreased by 11% to 1149.9 tons.