Papua New Guinea
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Turkey a key gold growth market

• Central bank gold buying slowed in the second quarter but remained resolutely positive. Official sector institutions bought 387 tonnes in the first half, which was a first half record.

• Jewellery consumption was 3% higher year-on-year at 476t despite the high gold price environment. A key growth market was Turkey, where local conditions have driven exceptional demand for jewellery, bars and coins in recent quarters.  

• Second quarter investment demand grew 20% year-on-year, thanks to decent growth in bar and coin demand and a marked slowdown in gold ETF outflows. This healthy second quarter increase yielded a first half total of 532t.

• Total gold supply was 7% higher year-on-year at 1255t, lifted by growth in all segments. Mine production is estimated to have reached a record for first half of 1781t.