Global gold demand soars to record levels in 2024

Wednesday 05 February 2025 - 16:06

Global gold demand is set to reach unprecedented levels in 2024, driven by a mix of economic uncertainties, increasing geopolitical tensions, and a surge in gold purchases by central banks. According to the World Gold Council’s annual report, total gold demand is expected to hit 4,974 tons in 2024, slightly above the 4,899 tons recorded in 2023, marking sustained market growth.

Central banks continue to play a pivotal role in shaping the gold market, maintaining their position as major market participants. In 2024, central banks bought 1,044.6 tons of gold, slightly less than the 1,050.8 tons purchased in 2023. Notably, Poland emerged as the top buyer, increasing its gold reserves by 90 tons.

On the investment side, demand saw a significant boost, rising by 25% to reach 1,180 tons, the highest level in the past four years. This surge was largely driven by exchange-traded funds (ETFs) linked to gold.

Simultaneously, demand for gold bars and coins remained strong, particularly in key markets like China and India, which continue to solidify their positions as major global consumers of gold.