In the third quarter of 2024, global gold demand reached unprecedented levels, surpassing $100 billion in value. This record demand was primarily fueled by substantial investments, as gold's safe-haven appeal attracted increased interest in gold-backed ETFs. Demand for physical gold in the form of bars and coins remained robust but experienced a slight decline. Central banks also contributed, continuing a trend of strategic gold purchases, albeit at a slower pace.
Consumer jewelry demand faced challenges due to high gold prices, with volume dropping but total spending increasing as buyers chose higher-value pieces. Additionally, demand from the technology sector, especially for AI applications, strengthened, highlighting gold's essential role across diverse sectors.
This remarkable surge underscores gold’s role in both personal and institutional portfolios as a hedge against economic uncertainty.
Sources:
Global gold demand reaches a record high value of over US$100 billion, Stephanie Cadman, World Gold Council, Oct 30 2024
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