Gold demand rose 5% year-over-year to 1,313 tonnes in Q3 2024, according to a World Gold Council report released on Wednesday.
The revelation continues a noticeable trend since Q1 2024 where gold demand has risen heavily, leading to a rise in gold prices to an all-time high of $2,780 an ounce.
“The value of demand jumped 35% year-over-year to exceed $100 billion for the first time ever,” the report states. “Global gold ETF inflows (95 tonnes) were a major driver of growth; Q3 was the first positive quarter since Q1’22, with a year-over-year swing from hefty (-139 tonnes) Q3’23 outflows.”
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Bar and coin investment demand dropped 9% year-over-year after a strong third quarter last year, with the decline being focused on two or three key markets and counterbalanced by a strong quarter in India, according to the council.
Investment demand separate from the bullion sector, however, skyrocketed over the past year, growing 132% from 156 tonnes in Q3’23 to 364 tonnes in this year’s third quarter.
Jewelry inventory also grew by 36% over the past year.
Central bank buying has slowed, which has been heavily reported on, however the council noted that its purchasing level is in line with 2022 numbers and remains widespread and heightened compared to historical figures.
Producers have almost stopped hedging their operations all together, as demand for such protection dropped from 23.8 tonnes last year to just 0.2 in Q3’24.
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