The World Gold Council (WGC) has reported a record-breaking year for global gold demand in 2024, with total demand reaching 4,974 tonnes. Singapore mirrored this global trend, with bar and coin demand rising by 22% to 6.5 tonnes, marking significant growth across ASEAN markets.
The global surge was primarily driven by robust central bank purchases and increased investment demand, resulting in the highest-ever total value of demand at $382b.
Central banks purchased over 1,000 tonnes of gold for the third consecutive year, with a notable increase in the fourth quarter.
Investment demand saw a 25% year-on-year increase, reaching a four-year high of 1,180 tonnes.
This was largely due to a resurgence in gold exchange-traded funds (ETFs), particularly in the latter half of the year.
Despite the high prices, which dampened jewellery demand by 11% globally, the technology sector experienced a 7% increase in gold demand, driven by advancements in artificial intelligence and electronics.
The total gold supply also saw a slight increase, reaching a new high of 4,794 tonnes due to growth in mine production and recycling.
Shaokai Fan, head of Asia-Pacific (ex-China) and Global Head of Central Banks at the WGC, highlighted the strategic role of gold as a safe-haven asset amidst geopolitical and economic uncertainties.
Looking ahead, the WGC anticipates continued strong demand from central banks and ETF investors in 2025, although jewellery demand may remain under pressure due to high prices and economic challenges.
