Global Demand for Gold hits Record 4,974 Tons in 2024

This surge, coupled with record gold prices, resulted in the total value of demand soaring to an all-time high of $382 billion, the Gold Demand Trends report said.

Central banks played a pivotal role, purchasing more than 1,000 tons of gold for the third consecutive year.

In 2024, central banks' purchases totaled at 1,045 tons, with the fourth quarter's figure alone accounting for 333 tons.

Investment demand also posted a remarkable year-on-year growth of 25 percent to 1,180 tons, the highest level in four years led by a resurgence in gold exchange-traded funds (ETFs).

Meanwhile, demand for gold bars and coins remained stable at 1,186 tons, reflecting sustained interest among retail investors.

However, the jewelry sector faced challenges, with annual demand declining by 11 percent to 1,877 tons as record-high gold prices dampened consumer interest, particularly in China, where demand fell 24 percent at an annualized pace.

Indian jewelry demand showed resilience, recording only a 2 percent decline despite the high-price environment.

Demand in the technology sector grew by 7 percent from the prior year to 326 tons, supported by increased use of gold in artificial intelligence (AI) applications and electronics.

Total gold supply rose by 1 percent compared to 2023, reaching a record 4,794 tons, thanks to increased mine production and recycling activities.

Source: HDN