The World Central Banks They bought 1,045 tons Gold metrics in 2024, valued at $ 96,000 million at the prices on Tuesday, according to the report Gold demand trends from the World Gold Council.
Poland, India and Türkiye were the biggest buyers, contributing to what the Council described as a “vertiginous rhythm” of gold accumulation.
He Increase in demand raised total gold purchases to the record of 4,974 tonsdespite the fact that jewelry consumption decreased due to the rise in prices. Central banks have been around for 15 years, but the accumulation rate doubled from the Ukraine War, since many have tried to reduce the dependence on US dollars.
“I think the biggest surprise on the demand side is the fact that central banks bought a thousand tons last year,” said John Reade, a senior market strategist of the WGC. “There were generalized purchases by the central banks, and more than we estimated at the beginning of the year.” Despite 2023 record purchases, interest in gold does not show signs of deceleration, the report points out.
“Geopolitical and economic uncertainty is still high in 2025 and seems as likely as the central banks return to gold as stable strategic assets,” says the Council.
How much gold price increased in 2024
Gold prices SThey located 27% throughout the year, Since investors resorted to metal as a safe refuge against the conflicts of Ukraine and the Middle East, while the central banks pivot towards cuts of interest rates.
For its part, the demand for gold jewelry fell 11%, to 1,877 tons, and China was the main responsible for the decline. The consumption of jewelry in China has been below that of India for the second time in three years, which reflects a decrease in consumer demand in a context of upward prices.
“We hope that the central banks will remain in command and that investors in ETF of Gold join the fight,” says the report. “The demand for jewelry will continue to submit to the great pressure and it is possible that the recycling will continue to grow. The mining supply is expected to remain solid.”
Reade pointed out that, despite the Weakness of jewelry sales, the demand for investment in China increased. “China remains the largest gold market: obviously, the demand for jewelry has decreased a lot, but investment has increased,” he said. “The relationship between the two could almost be used as a raw measure of economic trust within China.”
Source: Ambito
