Global Gold Demand Hits Record High, Surpassing $100 Billion

  • The global demand for gold reached unprecedented levels in Q3 2024, crossing a historic $100 billion in value for the first time, according to the World Gold Council.
  • Total demand increased by 5% year-on-year, reaching 1,313 tonnes, driven by rising investments amid record-high gold prices. Investors saw gold as a secure asset amid economic uncertainties, leading to a sharp increase in purchases of gold ETFs, especially from Western markets.
  • Central banks, though purchasing at a slower rate, continued to acquire gold, with their total demand reaching 694 tonnes year-to-date, aligning with last year's record levels.
  • Rising prices have impacted consumer purchases of gold jewelry, which saw a 12% decline in quantity. However, the overall value of jewelry sales grew by 13%, reflecting higher spending on reduced volumes.
  • In technology, gold demand increased by 7% due to growing electronics sector needs, especially in the AI industry.

This surge marks a significant shift in the market, highlighting gold’s resilience and appeal during volatile economic times

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