Total gold demand rose 5% year-on-year to 1,313 tonnes in the third quarter of 2024, marking a record high for this period. This increase was reflected in the gold price, which saw a series of new record highs during the quarter. The overall value of gold demand jumped 35% year-on-year, surpassing US$100 billion for the first time.
A significant factor in this growth was the inflow into global gold exchange-traded funds (ETFs), which reached 95 tonnes. This marked the first positive quarter since the first quarter of 2022, reversing the previous year’s outflows of 139 tonnes in Q3 2023.
Investment in bars and coins decreased by 9% year-on-year, totaling 269 tonnes, primarily due to declines in two or three key markets. However, this decline was offset by robust demand in India.
Gold jewellery consumption fell to 459 tonnes, down 12% year-on-year. Despite this drop in quantity, consumers increased their spending, with the total value of demand rising 13% year-on-year to over US$36 billion.
Central bank purchases slowed to 186 tonnes in Q3, but year-to-date buying remains consistent with 2022 levels and is widespread across various regions.
The use of gold in technology, particularly driven by advancements in artificial intelligence, reached 83 tonnes, reflecting a 7% year-on-year growth, although this was from a relatively low base. The outlook for this sector remains cautious.
Related topics:
- Asia Shares Decline Amid China Concerns; Gold and Bitcoin Surge
- India’s Gold Demand Soars 18% in July-September Driven by Strong Jewelry Sales
- India’s Gold Demand Rises 18% Following Duty Cut
