Global Gold Demand Reaches Historic Highs in Q2 2024

Global gold demand surged by 4.16% to 1,258.2 tonnes in Q2 2024, driven by robust over-the-counter transactions, according to a World Gold Council report. Central banks increased holdings by 183 tonnes, while gold prices hit record highs. Retail investment grew in Asia but fell in Europe and North America.

Global gold demand surged by 4.16% to 1,258.2 tonnes in the April-June period, marking the strongest second quarter of a calendar year, the World Gold Council (WGC) reported on Tuesday.

The WGC's 'Q2 2024 Gold Demand Trends' report reveals that demand was bolstered by a 53% year-on-year increase in healthy OTC transactions, totaling 329 tonnes during the June quarter. This period also recorded an 18% year-on-year rise in gold prices, averaging USD 2,338 per ounce and peaking at USD 2,427 per ounce.

The report highlights that central banks and official institutions expanded global gold holdings by 183 tonnes, reflecting a 6% year-on-year increase despite a slowdown from the previous quarter. Retail investment showed mixed trends, with strong performance in Asia counteracted by declines in Europe and North America.