Global demand for gold hits record high in 2024

Global demand for gold reached an all-time high in 2024, driven by increasing geopolitical and economic uncertainty, as well as support from central bank purchases and growing investment demand.

Total global demand for the yellow metal reached 4,974 tons in 2024, compared to 4,899 tons in 2023, according to the World Gold Council's annual report.

The report highlighted that central banks’ appetite for gold remained strong, with purchases exceeding 1,000 tons for the third consecutive year.

Central banks bought 1,044.6 metric tons of gold in 2024, down from 1,050.8 tons in the previous year. The Central Bank of Poland made the largest net purchases, adding 90 tons to its reserves.

Moreover, total annual investment in the precious metal increased by 25% year-on-year (YoY), reaching its highest level in four years at 1,180 tons, fueled by gold exchange-traded funds (ETFs).

Demand for gold bars and coins also remained strong, supported by robust demand from China and India.