The World Gold Council's Q1 2024 Gold Demand Trends report shows a robust global gold market, with demand increasing by 3% year-over-year to 1,238 tonnes, the highest first-quarter level since 2016. This growth was driven by strong investments from over-the-counter markets, consistent purchases by central banks, and significant buying in Asia.
Despite the record-high prices, global gold demand was resilient, with the quarterly average price reaching $2,070 per ounce. Investment demand remained steady, particularly in bar and coin forms, and the supply side also saw gains with a 4% increase in mine production and a spike in recycling activities, influenced by the high gold prices.
Source:
'Global gold demand stays strong, supporting record-high prices', World Gold Council , April 30, 2024
Comments