Global jewellery demand remained resilient
Despite record-high prices demand only falling 2%! The World Gold Council (WGC)’s Q1 2024 Gold Demand Trends report reveals that total global gold demand (inclusive of OTC purchases) was up 3% year-on-year (YoY) to 1,238t, marking the strongest first quarter since 2016. Demand excluding OTC fell 5% to 1,102t in Q1 compared to the same period in 2023. Healthy investment from the OTC market 1 , persistent central bank buying, and higher demand from Asian buyers, helped drive the gold price to a record quarterly average of US$2,070/oz—10% higher year-on-year and 5% higher quarter-on-quarter. Central banks continued to buy gold apace, adding 290t to official global holdings during the quarter. Consistent and substantial purchases by the official sector highlight gold's importance in international reserve portfolios amidst market volatility and increased risk. Turning to investment demand, bar and coin investment increased 3% year-on-year, remaining steady at the same level