Gold demand hits record high in third quarter of 2024 to over $100 billion
Total gold volume or gold demand up by 5% to 1,313 tons
Gold demand surged 35% in the third quarter of 2024, from last year to exceed $100 billion for the first time ever.
Total gold demand by volume increased by 5% to 1,313 tons, marking a record for a third quarter, according to the World Gold Council.
Of the total gold supply during the period, 989 tons came from mines and 323 tons were recycled.
The primary driver of gold demand in this period was investment in gold, which soared to 364 tons, a 132% year-on-year increase.
However, demand from central banks slowed to 186 tons, about 50% less than the same period last year. Jewelry consumption also saw a decline, with 458 tons consumed in the third quarter, down 12% from the previous year.
These figures highlight a significant shift in gold demand dynamics, driven by increased investment interest while traditional consumption sectors like central banks and jewelry saw a reduction.
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