Catalog year: 2023
In 2023, global demand for gold reached an historic high. Total demand for gold, including over-the-counter flows, was 4,899 tons, 3% more than a year ago. Demand excluding over the counter flows decreased by 5%, compared to 2022, and amounted to 4.448 tons. These record figures are due to activity by central banks buying 1,037 tonnes of gold and high demand on the over the counter market.
The price of gold reached record levels exceeding $2,000 per ounce, driven by geopolitical tensions, inflation expectations, and a weakening US dollar, as well as increased demand from central banks in developing countries and continued interest in gold as a protective asset against economic uncertainty.
Silver prices were volatile, but generally showed growth. Increased industrial demand, especially in the renewable energy and electronics sectors, maintained investor interest in silver as an alternative to gold, while platinum prices remained relatively stable, and palladium experienced a decline due to reduced automotive demand.
Investment coins and bullion continue to be popular due to their high protection against counterfeiting and availability. Small and medium-sized ingots are in high demand, and production of certificates of authenticity with protective elements has increased. Overall, 2023 saw increased activity in the precious metals market, with investment coins and gold playing a key role in the face of economic uncertainty.
The price of gold reached record levels exceeding $2,000 per ounce, driven by geopolitical tensions, inflation expectations, and a weakening US dollar, as well as increased demand from central banks in developing countries and continued interest in gold as a protective asset against economic uncertainty.
Silver prices were volatile, but generally showed growth. Increased industrial demand, especially in the renewable energy and electronics sectors, maintained investor interest in silver as an alternative to gold, while platinum prices remained relatively stable, and palladium experienced a decline due to reduced automotive demand.
Investment coins and bullion continue to be popular due to their high protection against counterfeiting and availability. Small and medium-sized ingots are in high demand, and production of certificates of authenticity with protective elements has increased. Overall, 2023 saw increased activity in the precious metals market, with investment coins and gold playing a key role in the face of economic uncertainty.
| Metal | Average Closing Price | Year Open | Year Low | Year High | Year Close | Annual % Change |
|---|---|---|---|---|---|---|
| Silver (XAG) | $23.4 | $23.96 | $20.01 | $26.06 | $23.79 | -0.72% |
| Gold (XAU) | $1943 | $1824.16 | $1811.27 | $2115.1 | $2062.92 | 13.08% |
| Palladium (XPD) | $1307.41 | $1719 | $936.83 | $1739 | $1100.69 | -35.97% |
| Platinum (XPT) | $965.28 | $1069 | $843 | $1124 | $994.25 | -6.99% |
* The table shows the average prices for the year based on stock exchange data for 1 ounce of metal.
Price guide:
