Gold Demand Explodes: Central Banks and Investors Drive Record Highs in 2024

Global gold demand reached an unprecedented high in 2024, driven by robust central bank purchases and strong investment growth. The World Gold Council reports that total gold demand, including over-the-counter trading, hit a record 4,974.5 metric tonnes, a 1% increase from the previous year. Central banks continued their buying spree, acquiring over 1,000 tonnes for the third consecutive year. Investment demand surged 25% to a four-year high of 1,180 tonnes, while jewelry demand fell 11% due to record-high prices. The National Bank of Poland emerged as the largest buyer, adding 90 tonnes to its reserves.
Source: World Gold Council