Global gold demand increased by 3% year-on-year in the first quarter of this year

The Global Gold Demand Trends Report shows that global gold demand, including over-the-counter trading, reached 1238 tons in the first quarter of 2024, a year-on-year increase of 3%.

The Global Gold Demand Trends Report for the First Quarter of 2024 released by the World Gold Council today (April 30) shows that,

The Global Gold Demand Trends Report shows that global gold demand, including over-the-counter trading, reached 1238 tons in the first quarter of 2024, a year-on-year increase of 3%. Among them, gold jewelry consumption was 479 tons, a year-on-year decrease of 2%, but still higher than the average demand level of 465 tons in the first quarter of the past five years; The total demand for gold bars and coins was 312.3 tons, a year-on-year increase of 3%.

Wang Lixin, CEO of the World Gold Council in China:

Wang Lixin introduced that there is another notable phenomenon in the demand for gold in the first quarter of this year, which is the demand for technology gold. In previous years, technology gold has remained relatively stable in gold demand, with a general increase of around 1% to 2%.

Wang Lixin, CEO of the World Gold Council in China:

The report shows that in the first quarter, due to continuous gold purchases by global central banks and robust investment demand from over-the-counter markets, the average gold price in the first quarter reached a historic high of $2070 per ounce, which is 10% higher than the same period last year and 5% higher than the previous quarter. In addition, global central bank gold reserves increased by 290 tons in the first quarter, a year-on-year increase of 1%, which is 69% higher than the five-year quarterly average and the highest first quarter data since 2000.

Q1 China Gold Market: Gold Demand Gradually Differentiates Against the Background of High Gold Prices

The World Gold Council’s Global Gold Demand Trends Report states that,

Data shows that in the first quarter of 2024, the consumption of gold jewelry in the Chinese market was 184 tons, a year-on-year decrease of 6%; In the first quarter, the investment demand for gold bars and coins reached 110 tons, a year-on-year increase of 68%.

The report shows that in 2024, the People’s Bank of China continued to purchase gold. At the end of the first quarter, China’s official gold reserves reached 2262 tons, an increase of 27 tons compared to the previous quarter. At present, gold accounts for 4.6% of China’s official foreign exchange reserves, the highest level in history.

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