The world’s demand for gold hit another record high in 2024 amid robust central bank purchases and investment demand growth, the World Gold Council said in its annual report.
Total gold transactions came in at 4,974 tons last year, compared with 4,899 tons in 2023, including of over-the-counter (OTC) investments.
“In 2024, global gold demand surged to a new quarterly high and a record annual total bolstered by heightened geopolitical and economic uncertainties,” said Shaokai Fan, global head of central banks at the World Gold Council.
Central banks’ appetite for gold remained “insatiable,” the Council said, and achieved a “significant milestone,” maintaining a consistently strong pace of gold buying with purchases surpassing 1,000 tons for the third consecutive year. The National Bank of Poland was the leading net purchaser among central banks, adding 90 tons to its reserves.
Turkey’s Central Bank, which raised its gold reserves by 75 tons, was the second biggest net purchaser of gold among central banks. The Reserve Bank of India was the third, with consistent purchases every month except December.
