Total gold demand (including over-the-counter investment) rose 1 percent year-over-year in the fourth quarter to reach a new quarterly high and contribute to a record annual total of 4,974 tons, according to World Gold Council in its annual report.
Central banks continued to buy gold at an eye-watering pace: buying exceeded 1,000 tons for the third year in a row, accelerating sharply in fourth quarter to 333 tons.
Annual investment reached a four-year high of 1,180 tons (+25 percent). Gold ETFs had a sizable impact: 2024 marked the first year since 2020 in which holdings were essentially unchanged, in contrast to the heavy outflows of the prior three years.
Full-year bar and coin demand was in line with 2023 at 1,186 tons. The composition shifted as bar investment grew and coin buying reduced.
Annual technology demand also added to the global total, which grew by 21 tons (+7 percent) in 2024, largely driven by continued growth in AI adoption.
Gold