2024-08-04 06:10:35
Global gold demand fell by 6% year-on-year in the second quarter of 2024 and amounted to 929 tons, according to a report by the World Gold Council (WGC), Day.Az reports with reference to TASS.
The organization’s report notes that the decline in demand for the precious metal during the reporting period is due to record prices for gold and, at the same time, a sharp drop in demand for jewelry, to 391 tons (-19%), which is a four-year minimum.
However, total gold supply increased by 4% in Q2 to 1,258 tonnes, with global production reaching a record high for Q2 at 929 tonnes.
In addition, central bank net gold purchases rose 6% year-on-year to 183.4 tonnes in the second quarter, driven by the need for portfolio protection and diversification. The average gold price rose 18% year-on-year to $2,338 per ounce in the second quarter, up 13% quarter-on-quarter, the WGC said.
The organization also expects Western investment flows to pick up by the end of this year, which will help balance weaker consumer demand for the precious metal and slower central bank gold purchases compared to 2023.