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2024 marked a watershed year for gold markets, characterized by record-breaking demand across multiple sectors. Central banks remained the dominant force, continuing their substantial buying streak above 1,000 tonnes for the third straight year, with a notable acceleration to 333 tonnes in Q4 alone.
Investment demand in gold surged to a four-year high of 1,180 tonnes, bolstered by stabilizing ETF holdings – a significant shift from the outflows seen in previous years.
The technology sector contributed to the momentum with a 7% increase in demand, driven largely by the expanding AI industry. While jewelry demand declined 11% to 1,877 tonnes due to higher prices, the total value spent on gold jewelry actually increased by 9% to $144 billion.
Looking ahead to 2025, central banks and ETF investors are expected to continue driving demand, although high prices may continue to pressure jewelry consumption.
