Gold demand rose 1% YoY in Q4, contributing to a record annual total of 4,974t. Credit: NAOWARAT via Shutterstock.

The World Gold Council has reported a ‘new record’ in gold demand in the fourth quarter (Q4) and the full year of 2024.

Total gold demand, including over-the-counter (OTC) investment, rose by 1% year-on-year (YoY) in Q4, contributing to a record annual total of 4,974 tonnes (t).

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OTC gold investment slowed in Q4, causing a slight annual decline. Strong demand from wealthy investors was offset by profit-taking and reduced activity.

Annual investment in gold reached a four-year high of 1,180t, marking a 25% increase.

Furthermore, 2024 became the first year since 2020 in which gold exchange-traded funds (ETFs) holdings remained essentially unchanged, contrasting with the previous three years’ heavy outflows.

Central banks continued their purchasing, exceeding 1,000t for the third consecutive year, and a sharp increase to 333t in Q4 alone.

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Full-year bar and coin demand was consistent with the previous year at 1,186t, although the composition shifted towards bar investment growth and a reduction in coin buying.

Technology demand for gold also saw an increase, growing by 7% to 21t, in 2024, largely driven by the continued growth in AI adoption.

However, gold jewellery was the outlier, with annual consumption dropping by 11% to 1,877t as consumers could only afford to buy in lower quantities. However, spending on gold jewellery jumped by 9% to $144bn.

The London Bullion Market Association’s gold price reached 40 new record highs during the year, with an average Q4 price of $2,663 per ounce. It led to an annual average price of $2,386 per ounce up 23%.

Demand in value terms reached unprecedented levels, with the combination of record gold prices and volumes producing a Q4 value of $111bn and the highest-ever annual value of $382bn.

Total gold supply marginally increased by 1% YoY to 4,975t. Growth in both mine production and recycling contributed to the increase in total supply.

Mine production showed a slight increase from 3,644.1t in 2023 to 3,661.2t in 2024 while recycled gold increased by 11% from 1,234.4t in 2023 to 1,370t in 2024.

Looking ahead to 2025, the World Gold Council expects central banks and ETF investors to continue driving demand, with economic uncertainty supporting gold’s role as a risk hedge.

Jewellery demand is likely to remain under pressure, and recycling is expected to grow further. Mine supply is anticipated to stay robust.