Global demand for gold, record in 2024 Central bank purchases and increased investment, the main drivers
Global demand for gold hit another record high in 2024, driven by large purchases by central banks and rising investment demand, the World Gold Council said in its annual report. Total transactions of the metal reached 4,974 tonnes last year, compared with 4,899 tonnes in 2023.
Central banks' appetite for gold remained "strong," the Council said, maintaining a steady pace of gold purchases with quantities exceeding 1,000 tonnes for the third consecutive year. The National Bank of Poland was the largest net buyer among central institutions, adding 90 tonnes to its reserves.
The Central Bank of Turkey, which increased its gold reserves by 75 tons, was the second-largest net buyer. While the Reserve Bank of India ranked third, with continuous purchases every month except December.
Total annual investment rose 25% to a four-year high of 1,180 tonnes of gold, driven mainly by exchange-traded funds. Demand for gold bars and coins also remained steady, driven by strong demand in China and India.
"Chinese investors faced a lack of alternative assets to invest in," the report said, noting that domestic economic uncertainty, stock market volatility and low government bond yields pushed domestic investors towards gold.
In India, demand for gold increased after the government reduced gold import duties from 15% to 6% in July, the World Gold Council noted.
Investment in gold also increased across markets in countries such as Singapore, Indonesia, Malaysia and Thailand, which reported double-digit year-on-year growth.
Meanwhile, demand in the jewelry sector, which is under pressure from higher prices, decreased, with consumption falling by 11% year-on-year.
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