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“In 2024, the global gold demand increased to a new quarterly maximum and a total record reinforced by greater geopolitical and economic uncertainties,” said Shaokai Fan, global head of central banks of the Gold Council World Cup.
Shannon Stapleton | Reuters
World gold demand reached another record in 2024 in the midst of the solid purchases of the Central Bank and the growth of the investment demand, said the World Golden Council in its annual report.
Total gold transactions reached 4,974 tons last year, compared to 4,899 tons in 2023including free sale investments (OTC).
“In 2024, the global gold demand increased to a new quarterly maximum and a total record reinforced by greater geopolitical and economic uncertainties,” said Shaokai Fan, global head of central banks of the Gold Council World Cup.
The Central Banks Gold appetite remained “insatiable,” the Council said, and achieved a “significant milestone”, maintaining a consistently strong gold purchase rhythm with purchases overcoming 1,000 tons for the third consecutive year. The National Bank of Poland was the main net buyer among the central banks, adding 90 tons to their reserves.
The Central Bank of Türkiye, which raised its gold reserves in 75 tons, was the second largest net buyer of gold among the central banks. The Bank of the Reserve of India was the third, with consistent purchases every month, except in December.
General investments
The general annual investment in gold increased by 25% to reach a maximum of four years of 1,180 tons, largely fed by gold -listed funds.
Similarly, the demand for gold and coins bars remained firm, raised by a strong demand from China and India.
“Chinese investors faced a shortage of alternative assets to invest,” said the report, highlighting that a combination of national economic uncertainty, persistent volatility of the capital market and low yields of government bonds promoted national investors to gold.
In India, the demand for gold rose after his government reduced Gold import duties from 15% to 6% in JulyThe World Gold Council pointed out.
The demand for investment in gold also grew in all the markets of the ASEAN last year, with Singapore, Indonesia, Malaysia and Thailand that reported two -digit increases year after year.
The OTC investments remained stable last year, and the demand reflects people with high network value who seek to cover geopolitical and economic risks, the Council said. OTC transactions take place directly between two parts, unlike trade made by an exchange.
The demand for jewelry is still weak
The demand in the jewelry sector, which has been pressed for higher prices, was submitted, with consumption falling 11% year after year, the only atypical as other sectors won, according to the report.
It is likely that the demand for gold jewels remains weak this year, since the consumer spending power remains damping for the highest prices and soft economic growth, council analysts said.
Langotes prices have been in a tear, with prices that obtained 40 record records last year and reached the top new this year. On Wednesday, gold futures negotiated in the New York commercial exchange increased to $ 2,875.8 per ounce, according to Factset data.
“In 2025, we hope that the central banks remain in the driving seat and the Golden ETF investors to join the fray, especially if we see lower interest rates, although volatile,” said the senior market analyst of the Council Gold World, Louise Street.
It is likely that the general investment demand remains healthy this year, and the lowest interest rates expected reduce the opportunity costs to keep gold, according to the report.
