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Gold Demand Trends
Q2 2024

Gold demand firm, record prices prevail.

Gold reached record highs in the second quarter, driven by a combination of strong OTC investment, continued central bank buying and an upturn in Western ETF inflows later in the quarter. Conversely, the high price environment took its toll on jewellery consumption.

Key Highlights:

Central bank net buying reached a record H1 total of 483t. Demand slowed in the Q2 from the previous quarter but held above longer-term levels. Gold’s role as a hedge and portfolio diversifier remain key considerations for central banks.

Global gold ETFs saw minor outflows in Q2 (-7t). Combined May and June inflows of 26t largely offset April’s 33t outflow. Holdings in Asian-listed funds continued to grow and Western-listed funds saw a revival in inflows during the quarter.

Global bar and coin investment dropped 5% y/y to 261t. Continued strong demand across Asia was offset by a sharp decline in net demand in Western markets, where profit-taking and liquidation has surged in recent quarters.

Record prices hit gold jewellery volumes. Global demand for gold jewellery was 19% lower y/y at 391t. China recorded the largest decline as the high price environment combined with a weaker domestic economic picture.

Total Q2 gold supply rose 4% y/y; mine production increased 2% to a H1 record. Recycling also increased y/y in response to higher

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