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Gold Demand Trends Q2 2024 Summary

In Q2 2024, total gold demand rose by 4% y/y to 1,258 tonnes, driven by OTC investments and central bank buying. However, excluding OTC investments, demand fell 6% to 929 tonnes due to a 19% drop in jewelry consumption.


  • Central banks: +6% y/y to 184 tonnes.

  • Gold ETFs: Small decline of 7 tonnes, improved from a 21-tonne drop in Q2 2023.

  • Retail investment: Bar and coin demand fell 5% to 261 tonnes.

  • Technology: Gold usage increased 11% y/y.

  • Prices: Averaged a record US$2,338/oz, peaking at US$2,427/oz in May.


Supply grew 4% y/y to 1,258 tonnes, with record mine production and high recycled gold levels. Demand varied regionally, with strong growth in the East and declines in the West.



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