As per the reports of The World Gold Council’s Q2 2024 the demand for the gold is at its all-time high since 2000.
This surge is fueled by central bank purchases and OTC investments, with central bank gold buying up by 6% and technology sector demand rising by 11%.
According to the report published by The World Gold Council’ on July 30, shows the positive trends for Q2 2024, showing the highest second-quarter gold demand since records began in 2000.
It further states that “Gold demand excluding OTC in Q2 was down 6% y/y to 929t as a sharp decline in jewelry consumption outweighed mild gains in all other sectors,” the report notes that “adding in OTC investment to total gold demand yields a 4% y/y increase to 1,258t – the highest Q2 in our data series back to 2000.”
The demand for the Jewelry dropped 19% year-on-year to a four-year low of 391 tonnes. This was due to record-high gold prices, which averaged $2,338 per ounce in Q2 and peaked at $2,427 per ounce in May.
Further elaborating The World Gold Council states that “Total gold supply grew by 4% y/y to 1,258t. Mine production of 929t was a record for a second quarter. Recycling supply was the highest for a second quarter since 2012, responding to the rising gold price.”
The 7-tonne decline in global gold exchange-traded fund (ETF) holdings in Q2 and a 5% decrease in retail bar and coin investment to 261 tonnes, primarily due to weak demand from Western markets was further mentioned in the report.
