Gold prices down jewellery demand by 19% YoY
Global gold hits record highs, increased demand 4% The World Gold Council (WGC)’s Q2 2024 Gold Demand Trends report reveals that total global gold demand increased 4% year-on-year to 1,258t, marking the strongest Q2 in our data series 1 . Total demand was supported by healthy over-the-counter (OTC2) transactions, up a notable 53% year-on-year at 329t. Increased OTC demand, continued buying from central banks, and a slowdown in ETF outflows drove record-high gold prices in Q2. The gold price averaged US$2,338/oz, 18% higher year-on-year, reaching a record of US$2,427/oz during the quarter. Central banks and official institutions increased global gold holdings by 183t, slowing down from the previous quarter but still reflecting a 6% increase year-on-year. Our annual central bank survey confirmed that reserve managers believe gold allocations will continue to rise over the next 12 months, driven by the need for portfolio protection and diversification in a complex econ...