Market Speak: Gold demand hits record 4,974t in 2024, central banks buy big- WGC

Total gold demand rose 1 percent year-on-year in Q4, hitting a record 4,974t for 2024 according to the latest update from World Gold Council . Central banks accelerated purchases to 333t in Q4, pushing annual buying past 1,000t for the third straight year. Investment demand surged 25 percent to a four-year high of 1,180t, while gold ETF holdings stabilized after years of outflows. Bar investment rose, but coin demand fell, keeping total bar and coin demand steady at 1,186t. Tech demand climbed 7 percent, supported by AI growth. Jewelry demand fell 11 percent to 1,877t, but spending on gold jewelry jumped 9 percent to $144 billion.

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