Global Gold Demand Trends Report
The World Gold Council’s Gold Demand Trends report for 2024 highlights a record-breaking year for the global gold market, driven by robust investment and central bank purchases, despite challenges in consumer demand.
📈 Key Highlights from 2024
Total Demand and Value
- Total gold demand (including over-the-counter [OTC] investment) reached an all-time high of 4,974 tonnes, marking a 1% year-over-year increase.
- The total value of gold demand soared to a record $382 billion, fueled by elevated prices and sustained demand.
Investment Demand
- Investment demand climbed to a four-year peak of 1,180 tonnes, a 25% increase from the previous year.
- Gold-backed ETFs reversed a three-year trend of outflows, ending 2024 with net inflows, particularly notable in the latter half of the year.
- Bar and coin demand remained steady at 1,186 tonnes, with a shift towards bar investments as coin demand declined.
Central Bank Activity
- Central banks purchased over 1,000 tonnes of gold for the third consecutive year, with a significant uptick in Q4 acquisitions.
Jewellery Sector
- Jewellery consumption fell by 11% to 1,877 tonnes, primarily due to reduced demand in China (down 24%).
- Despite lower volumes, the value of jewellery demand increased by 9% to $144 billion, reflecting higher gold prices.
Technology Use
- Technology demand for gold rose by 7% to 326 tonnes, driven by growth in the electronics sector and AI-related applications.
Supply Dynamics
- Total gold supply edged up by 1% to 4,974 tonnes, with increases in both mine production and recycling activities.
🔮 Outlook for 2025
The World Gold Council anticipates a more moderate growth trajectory for gold in 2025. While central bank purchases and investment demand are expected to continue supporting the market, potential headwinds include:
- A possible rebound in consumer demand, particularly in key markets like China.
- Economic factors such as interest rate adjustments by major central banks.
- Ongoing geopolitical uncertainties that may influence investor behavior.
