Gold demand hit a record high in 2024 driven by “eye-catching” interest from central banks and global investors, the new report says.
Total demand reached 4,974 tons, the value of global demand reached up to $3820 billion over the course of a year, with gold prices rising 26%.
Central Banks has hoover more than 1,000 tons of yellow metal for the third year in a row, solidifying the yearly trend of a nation increasing its gold stocks in favor of reserve currencies like the dollar.
“Both Gold’s performance and lack of default risk in times of crisis have risen in the list of reasons for central banks where they hold gold,” World Gold Council (WGC) compiled the report. said Louise Street, analyst at. City AM.
Officially, the Polish National Bank was the sharpest buyer of gold, adding 90 tons of reserves during 2024, with the central banks of Turkey and India buying 75 tons and 73 tons, respectively.
Demand from central banks was driven primarily by people in non-Western and developing countries, the report found.
Private investors were also responsible for promoting demand.
Global investment in gold reached its highest level in four years, but once again driven primarily by non-Western investors. Price-sensitive investors such as the US and Europe saw a quarter-to-straight quarter decline in 2024 compared to the previous year.
However, investors in China, India and other major developing countries meant an overall rise in demand.
Numbers from the industry WGC Geopolitical and economic uncertainty is more evidence of ongoing, enforcing investors to safe shelter assets. The trend continues until 2025.
On Monday, gold prices hit an all-time high, giving it the first time £2,280 (/oz) per troy ounce as uncertainty about Donald Trump’s tariff plans stimulated demand for assets.
Street added: “Geopolitical uncertainty remains (at the forefront of investor concerns), but what we see is moving away from the armed conflict side of geopolitics towards conflict of types of trade. That’s,” she added.
By city AM
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