Compared to the same period last year, gold demand increased by 5%, with production volumes reaching a record 1,313 tons, surpassing the previous peak set in 2018. The rise is attributed to increased mining output and higher levels of gold recycling. Despite a decline in consumer interest in jewelry this year, spending on jewelry has actually increased compared to last year.
The price of gold during the reporting period reached record highs between July and September. As of today, gold is priced at $2,474 per ounce, according to the WGC.
Investment flows in exchange-traded funds (ETFs) and over-the-counter (OTC) markets significantly contributed to the surge in gold demand. OTC investments nearly doubled compared to 2023 figures. While gold purchases by central banks slowed during the quarter, overall purchasing levels for the year remain consistent with those in 2022.
The WGC cites global geopolitical uncertainties, lower interest rates, and increased investment in gold as a reliable asset as the main factors driving the heightened demand. The Council predicts that this trend will continue into the next year.
About the World Gold Council
Established in 1987 by the world's leading gold producers, the World Gold Council aims to stimulate demand for gold. Its members currently account for approximately 60% of global gold mining and production.
