IAUM - Gold Demand Trends Full Year 2021

• Annual demand recovered across virtually all sectors – the notable exception being ETFs, which saw net annual outflows.
• Full year 2021 gold demand (excluding OTC) increased to 4,021t, propelled by Q4 demand which jumped almost 50% to a 10-quarter high.
• Bar and coin investment maintained its momentum, jumping 31% to an eight-year high of 1,180t. Q4 2021 demand of 318t, meanwhile, was the highest for a fourth quarter since 2016.
• Central banks accumulated 463t of gold in 2021, 82% higher than the 2020 total and lifting global reserves to a near 30-year high. The pace of buying slowed in the second half, with a 22% y-o-y decline in Q4.
• Gold used in technology grew 9% in 2021, to reach a three-year high of 330t. Y-o-y growth slowed in the most recent quarter (to 2%), highlighting the rapid recovery seen in the sector in Q4 2020.

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