Today's Gold Price: US$1,510/Ounce, What is the World's Gold Supply?

Gold prices for one-month forward contracts on the world's futures exchanges on Monday (August 12th), until 7:30 WIB, were traded up 0.13% to US$ 1,510.4/troy ounce compared to the previous weekend's closing price. This price is equivalent to Rp 689,268/gram. As is known, gold prices have shown an upward trend, exceeding US$ 1,500/ounce, in line with increasing global economic uncertainty.

For information, global gold supply in 2018 increased by 1.7% to 4,655.1 tons compared to the previous year. The supply of gold from mining increased by 1.57% to 3,500.9 tons, while hedging from gold producers decreased by 13.3 tons. Gold supply from recycling grew by 0.99% to 1,167.5 tons.

(Read Databoks: Gold Prices Exceed US$ 1,500/Ounce, What is the Demand for Precious Metals?)

During January-June 2019, global gold supply grew by 2.08% to 2,323.9 tons from the same period the previous year. Gold supply from mining in the first six months of this year grew by 1.06% to 1,730.2 tons compared to the first six months of last year. Similarly, the supply of gold from recycled gold increased by 6.6% to 602 tons compared to the previous period.

(Read Databoks: Gold Prices at US$ 1,400/Troy Ounce, Here are the Central Banks with the Largest Gold Reserves)