Gold demand hits new record in 2024

Central banks and investors drive market strength

Total gold demand (including OTC investment) rose 1% y/y in Q4 to reach a new quarterly high and contribute to a record annual total of 4,974t.

Central banks continued to hoover up gold at an eye-watering pace: buying exceeded 1,000t for the third year in a row, accelerating sharply in Q4 to 333t.  

Annual investment reached a four-year high of 1,180t (+25%). 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 1,186t. The composition shifted as bar investment grew and coin buying reduced.

Annual technology demand was also additive to the global total: it grew by 21t (+7%) in 2024, largely driven by continued growth in AI adoption.

Gold jewellery was the clear outlier: annual consumption dropped 11% to 1,877t as consumers could only afford to buy in lower quantities. Nonetheless, spend on gold jewellery jumped 9% to US$144bn.

Highlights

  • The LBMA (PM) gold price reached 40 new record highs during 2024. The average Q4 price of US$2,663/oz was also a record and yielded an annual average price of US$2,386/oz (+23%).
  • Demand in value terms reached previously unseen levels. The combination of record gold prices and volumes produced a Q4 value of US$111bn. This took 2024 over the line to reach the highest-ever annual value of US$382bn.
  • Total gold supply inched up 1% y/y to 4,974t – a high for our data series. Growth in both mine production and recycling contributed to the increase in total supply of gold.
  • A sharp slowdown in Q4 OTC investment led to a slight annual decline. Demand from high net worth investors remained healthy, but contrasted with profit-taking in some areas of OTC investment. 
  • 2025 full year outlook: central banks and ETF investors likely to drive demand with economic uncertainty supporting gold’s role as a risk hedge, but on the flipside, keeping pressure on jewellery.
 

Chart 1: Gold demand at record levels for Q4 and full year

Quarterly gold demand in volume, tonnes, and value, US$bn*

Chart 1: Gold demand at record levels for Q4 and full year

Chart 1: Gold demand at record levels for Q4 and full year
Quarterly gold demand in volume, tonnes, and value, US$bn*
*Data to 31 December 2024. Source: ICE Benchmark Administration, Metals Focus, World Gold Council

Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer

*Data to 31 December 2024.

Gold supply and demand

Table 1: Gold supply and demand by sector, tonnes

  2023 2024 Annual
y/y %
change		 Q4'23 Q4'24 Quarterly
y/y %
change
Supply
Mine production 3,644.1 3,661.2 0 955.4 953.6 0
Net producer hedging 67.4 -56.8 - 19.9 -15.0 -
Recycled gold 1,234.4 1,370.0 11 311.2 358.8 15
Total Supply 4,945.9 4,974.5 1 1,286.5 1,297.4 1
 
Demand
Jewellery fabrication 2,191.0 2,003.5 -9 583.6 516.5 -12
Jewellery consumption 2,110.6 1,877.1 -11 620.9 547.1 -12
Jewellery inventory 80.4 126.4 57 -37.3 -30.6 -
Technology 305.2 326.1 7 82.2 83.7 2
Electronics 248.7 270.6 9 67.6 69.6 3
Other Industrial 47.1 46.5 -1 12.3 11.9 -4
Dentistry 9.4 8.9 -5 2.3 2.2 -6
Investment 945.5 1,179.5 25 259.8 344.0 32
Total bar and coin 1,189.8 1,186.3 0 315.2 325.4 3
Bars 781.7 860.0 10 223.1 236.2 6
Official coins 293.5 201.0 -31 60.3 53.4 -11
Medals/Imitation coins 114.6 125.2 9 31.9 35.8 12
ETFs & similar products -244.2 -6.8 - -55.4 18.6 -
Central banks & other inst. 1,050.8 1,044.6 -1 216.8 332.9 54
Gold demand 4,492.5 4,553.7 1 1,142.4 1,277.1 12
OTC and other 453.4 420.7 -7 144.1 20.3 -86
Total Demand 4,945.9 4,974.5 1 1,286.5 1,297.4 1
LBMA Gold Price (US$/oz) 1,940.5 2,386.2 23 1,971.5 2,663.4 35

Source: Metals Focus, Refinitiv GFMS, ICE Benchmark Administration, World Gold Council
Note: For an explanation of these terms, please see the Notes and definitions download:
https://www.gold.org/goldhub/data/gold-demand-by-country


Next: Outlook > >

Disclaimer [+]Disclaimer [-]