Ray Jia
Research Head, China World Gold CouncilMarissa Salim
Senior Research Lead, APAC World Gold CouncilGold to keep lifting Australian portfolios in 2025
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Even with a price moderation in November and December, gold surpasses other key asset classes to lead returns in 2024. Jewellery demand slowed amid high prices and an inauspicious period on the Hindu calendar.
China’s wholesale gold demand sees a seasonal rebound in December yet the 2024 total remains weaker than 2023. Meanwhile, gold ETFs experienced unprecedented inflows in 2024. And China’s official gold holdings have increased two months in a row now, ending the year with reported gold purchases of 44t.
Based on available reported data, central banks bought a net 53t in November. The National Bank of Poland (21t) was the biggest buyer, while the People's Bank of China reported its first addition (5t) since April.