World Gold Council Reveals Record Gold Demand in Q2, Fueled by Central Bank Buying

In Q2 2024, the World Gold Council reported the highest second-quarter gold demand since 2000, driven by a 6% increase in central bank purchases and a 11% rise in gold used in technology. 

Central banks bought 184 tonnes of gold, up 6% year-on-year, seeking portfolio diversification. Despite a 19% drop in jewelry demand, total gold demand, including over-the-counter investments, rose 4% to 1,258 tonnes. Gold supply grew 4% to 1,258 tonnes, with record mine production and strong recycling rates. 

However, global gold ETF holdings fell by 7 tonnes, and retail bar and coin investment dropped 5% due to weaker demand in Western markets.

Clever Robot News Desk 1^st August 2024