Record Gold Demand in 2024: Central Banks and Investors Lead Surge

The World Gold Council's Gold Demand Trends report records a peak global gold demand of 4,974 tonnes in 2024, driven by central bank purchases and heightened investment. While gold jewelry demand showed mixed trends, investment surged, particularly in India, reflecting gold's appeal amidst volatile markets.

The World Gold Council's latest report reveals a historic high in global gold demand, reaching 4,974 tonnes in 2024. This unprecedented surge was primarily fueled by aggressive central bank purchases and a notable increase in investment interest.

Sachin Jain, Regional CEO for India at the World Gold Council, forecasts a strong demand for gold in 2025, predicting a range of 700-800 tonnes. He anticipates a recovery in gold jewelry demands, particularly related to weddings, alongside continued robust investment interest, especially in gold ETFs and digital gold.

Central banks were significant contributors, purchasing over 1,000 tonnes of gold for three consecutive years. Investment demand also rose sharply by 25% year-on-year to 1,180 tonnes, driven by renewed interest in gold ETFs. Despite the high demand, the jewelry market saw a global decline due to a 24% drop in China, although India's jewelry demand remained relatively stable.

(With inputs from agencies.)