Global Gold Demand Hits Record High in Q3 2024 with 5% Increase to 1,313 Metric Tons

Oct 30, 2024, 09:10 AM

Global gold demand reached a record high in the third quarter of 2024, with a 5% year-on-year increase to 1,313 metric tons, inclusive of OTC investment. This surge in demand lifted gold consumption above $100 billion for the first time, according to the World Gold Council and reported by Bloomberg. The increase was driven by Western investors, who shifted from selling to buying gold ETFs for the first time since early 2022. The rally in gold prices was accompanied by shallow price pullbacks, indicating strong buying interest.