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The World Gold Council’s Q3, 2024 Gold Demand Trends report reveals that total gold demand increased 5% year-on-year to 1,313 t, a record third quarter. Total demand exceeded US$100 billion for the first time on record, supported by strong investment in a record-high price environment. Gold logged another record high early this week as uncertainties surrounding the US presidential election and the Middle East conflict kept bullion’s appeal high.

Global investment demand more than doubled year-on-year to 364 t, driven by a shift in demand for gold ETFs primarily from Western investors. Globally, gold ETFs added 95 t, marking the first positive quarter since Q1’22. Bar and coin demand fell 9%, but the year-to-date total remains strong at 859t compared to the 10-year average of 774 t.

In addition, total demand for gold in technology grew 7% year-on-year, bolstered by growth from the electronics sector as the AI boom continues to support demand for gold. Total gold supply increased 5% year-on-year, with a jump of 6% in mine production and an 11% rise in recycling.

Louise Street, Senior Markets Analyst at the World Gold Council, comments: 

A ‘FOMO factor’ amongst investors has been a key driver of increased demand this quarter. Investors have shown an appetite to buy into the price momentum, are encouraged by the prospect of future interest rate decreases, and are also considering gold’s role as a safe haven in the face of US political uncertainty and escalating conflicts in the Middle East.

The Gold Demand Trends Q3 2024 report, which includes comprehensive data provided by Metals Focus, can be viewed here.