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.