Gold Price in Serbia - 2023

Gold Price in Serbia (CIF) - 2023

In October 2023, the average gold import price amounted to $60.6B per ton, reducing by -2% against the previous month. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in April 2023 an increase of 5.6% against the previous month. The import price peaked at $65.9B per ton in May 2023; however, from June 2023 to October 2023, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In October 2023, the countries with the highest prices were Austria ($66.0B per ton) and Turkey ($64.0B per ton), while the price for Slovenia ($56.9B per ton) and Switzerland ($58.7B per ton) were amongst the lowest.

From October 2022 to October 2023, the most notable rate of growth in terms of prices was attained by Slovenia (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Gold Price in Serbia (FOB) - 2023

In October 2023, the average gold export price amounted to $46.3B per ton, increasing by 16% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +3.2%. The most prominent rate of growth was recorded in July 2023 an increase of 49% m-o-m. As a result, the export price reached the peak level of $55.6M per kg. From August 2023 to October 2023, the the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In October 2023, the country with the highest price was Montenegro ($65.2B per ton), while the average price for exports to Turkey stood at $36.1B per ton.

From October 2022 to October 2023, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports in Serbia

For the fourth year in a row, Serbia recorded growth in purchases abroad of gold, which increased by 199% to 2.2 tons in 2022. Overall, imports posted a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, gold imports surged to $129M in 2022. In general, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 314% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the near future.

Import of Gold in Serbia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Switzerland	7.1	24.9	28.3	68.8	113.2%
Germany	0.4	5.7	6.2	23.6	289.3%
Turkey	N/A	3.1	4.7	19.2	148.9%
Austria	0.7	1.1	2.3	13.6	168.8%
Italy	N/A	N/A	1.2	3.1	158.3%
Others	0.2	0.3	0.5	0.6	44.2%
Total	8.5	35.1	43.1	129	147.6%

Top Suppliers of Gold to Serbia in 2022:

Switzerland (1148.0 kg)
Germany (401.0 kg)
Turkey (321.0 kg)
Austria (227.0 kg)
Italy (51.0 kg)

Gold Exports in Serbia

In 2022, gold exports from Serbia contracted notably to 451 kg, declining by -20.3% against the year before. Over the period under review, exports faced a sharp decline. The pace of growth appeared the most rapid in 2021 when exports increased by 15% against the previous year.

In value terms, gold exports dropped significantly to $16M in 2022. Overall, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 12% against the previous year.

Export of Gold in Serbia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Turkey	12.9	14.6	12.4	7.4	-16.9%
Italy	2.5	0.8	5.2	6.9	40.3%
Slovenia	N/A	1.1	1.5	1.2	4.4%
Switzerland	11.7	0.6	N/A	N/A	-94.9%
Others	0.3	N/A	N/A	0.4	10.1%
Total	27.4	17.1	19.2	16.0	-16.4%