World Gold Council Q3 2024 report

Gold Demand Hits Record Highs in Q2 2024 with 1,258 Tonnes Driven by China and Central Banks

Jul 30, 2024, 06:30 AM

Gold demand has reached record highs in the second quarter of 2024, driven by a combination of increased purchases from China, central banks, and other sectors. According to the World Gold Council, gold demand in Q2 2024 hit 1,258 tonnes, the highest for April to June since records began in 2000. Chinese gold bar purchases surged by 46% year-over-year, now accounting for 40% of total Chinese demand. Central banks also played a significant role, with a record 483 tonnes bought in the first half of 2024, representing nearly 30% of world gold mine production. Total Q2 gold supply rose by 4% year-over-year, with mine production increasing by 2% to a H1 record and recycling also up in response to higher gold prices. Additionally, strong OTC demand and signs of increasing Western demand have contributed to the surge in gold prices.