Stats › Tradeable patterns › Gold seasonality
Indian gold jewellery doubles from Q1 to Q4, the price does not
Source: World Gold Council, Gold Demand Trends, Table 2 of the reports covering 2024. India climbs through the year to the Diwali and wedding quarter, ending at 189.8t against 95.5t in Q1, a factor of 1.99. Mainland China does the reverse, front loading 184.4t into the Chinese New Year quarter against 86.2t in Q2, a factor of 2.14. Two of the largest gold markets in the world with seasonal peaks nine months apart, which is why the global aggregate is flatter than either of its parts.
Gold jewellery demand follows lunisolar wedding and festival calendars, so India buys most in the fourth quarter and China in the first. Indian volumes roughly double from Q1 to Q4. No gold price seasonality has survived replication, because jewellery is now a minority of demand.
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