Gold Demand Trends: Full Year 2024

Investment Rating - The report indicates a positive outlook for gold investment, with central banks and ETF investors expected to drive demand in 2025, while jewellery demand may remain under pressure [11][12][13]. Core Insights - Total gold demand reached a record high of 4,974 tonnes in 2024, with a 1% year-on-year increase in Q4 [1][7]. - Central banks continued to purchase gold at a significant pace, exceeding 1,000 tonnes for the third consecutive year, with Q4 purchases alone amounting to 333 tonnes [1][102]. - Annual investment in gold reached a four-year high of 1,180 tonnes, marking a 25% increase from the previous year [2][62]. - Gold jewellery consumption dropped by 11% to 1,877 tonnes, although the value of jewellery demand increased by 9% to US$144 billion due to rising gold prices [3][32]. - Technology demand for gold grew by 7$144 billion due to high gold prices [3][32]. - Indian jewellery demand showed resilience with only a 2% decline, contrasting sharply with China's 24% drop [44][41]. Technology Demand - Technology sector demand for gold increased by 7% to 326 tonnes, with electronics being the largest contributor [133][134]. - The growth in AI applications and recovery in consumer electronics markets were key drivers of this demand [134][135]. Future Outlook - The report anticipates continued strong demand from central banks and ETF investors in 2025, while jewellery demand may face challenges due to high prices [11][12][13]. - Investment in gold is expected to remain robust, supported by macroeconomic factors such as lower interest rates and geopolitical uncertainties [13][14].