Mumbai, April 30 (Commoditiescontrol): According to the World Gold Council (WGC) in its latest Gold Demand Trends report for Q1 2024, total global gold demand surged in the first quarter of 2024, inclusive of over-the-counter (OTC) purchases. Increased investment, persistent central bank buying, and higher demand from Asian buyers pushed the price to an all-time quarterly average of $2,070 per ounce.
Key Highlights:
Global gold demand is up 3% year-on-year to 1,238 tonnes, marking the strongest first quarter since 2016.
Central banks added 290 tonnes to holdings, highlighting gold's appeal in a volatile market.
Bar and coin investment increased by 3% year-on-year.
Jewellery demand remained resilient despite high gold prices, declining only 2% year-on-year.
Demand for gold in technology recovered by 10% due to the electronics sector AI boom.
"Gold continues to demonstrate its resilience as a safe-haven asset in times of uncertainty," said Louise Street, Senior Markets Analyst at the World Gold Council. "The recent price surge reflects heightened geopolitical risk, macroeconomic uncertainty, and continued demand from central banks worldwide. Interestingly, we're seeing a shift in Eastern and Western investor behaviour, suggesting a more global appreciation for gold's role in a diversified portfolio."
Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council, noted a slight decline in Middle East consumer demand due to record-high prices but remains optimistic about future trends due to gold's safe-haven appeal and potential interest rate changes.
The World Gold Council anticipates a stronger return for gold in 2024 compared to earlier forecasts, driven by its recent robust performance. Price stabilization could further encourage market entry, while investors worldwide are likely to continue seeking gold as a safe haven amidst ongoing global events.
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
