Global demand for gold reached an all-time high in 2024, hitting 4,974 tonnes and a value of $382 billion, driven by surging interest from central banks and investors seeking safe haven assets amid economic uncertainty. Central banks purchased over 1,000 tonnes of gold for the third consecutive year, with Poland, Turkey, and India leading the charge. Private investors also contributed to the demand surge, with investment in gold reaching a four-year high, largely driven by non-western economies. The report highlights a continued trend of investors seeking refuge in gold amidst geopolitical and economic volatility.
Demand for gold reached record highs in 2024 fuelled by 'eye-watering' interest from central banks and global investors, a fresh report has said. Total demand reached 4,974 tonnes, and the value of global demand shot up to $382bn, over a year which saw the gold price surge by 26 per cent.
Demand from central banks was largely driven by those in non-western and developing economies, the report found. Private investors were also responsible for driving demand. Global investment in gold reached a four-year high, again largely driven by non-western investors. Price-sensitive investors in the likes of the US and Europe saw four consecutive quarters of year-on-year declines in 2024, as many looked to crystallise gains made during the rally of the last two years.
GOLD DEMAND CENTRAL BANKS INVESTORS ECONOMIC UNCERTAINTY GEOPOLITICS
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