Gold Demand Trends Q3 2024: Record-Breaking Growth
- Luciano Duque
- Oct 30, 2024
- 1 min read
Gold demand surged in the third quarter of 2024, setting a record with total demand (including over-the-counter, or OTC, investment) reaching 1,313 tonnes—a 5% increase year-over-year. This strength pushed gold’s value to new highs, exceeding $100 billion for the first time, marking a 35% jump in value.
The main driver of this growth was strong inflows into global gold ETFs, which added 95 tonnes, a sharp reversal from the significant outflows seen in Q3 2023. In contrast, bar and coin investment slipped by 9%, with declines in key markets balanced by high demand in India. Gold jewelry consumption also dropped by 12% in quantity, but its value rose 13% to over $36 billion due to higher spending per unit.
Central banks slowed their buying pace, adding 186 tonnes, though year-to-date purchases remain robust and on par with last year’s strong levels. Gold in technology showed a modest increase, supported by AI applications, growing 7% year-over-year.
Overall, Q3 highlighted gold’s resilient demand and value growth amid varied global economic conditions, solidifying its position as a critical asset for investors and central banks alike.
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