Global gold demand, including over-the-counter trades, reached 1,269 tons in the second quarter of 2024, unchanged from the same period last year, according to data from the World Gold Council (WGC). Total demand in the first half of the year stood at 2,522 tons, a 2% increase year-on-year.
In dollar terms, gold demand in the first half of 2024 reached $380 billion, a record high, while the average gold price rose 37% to $4,506 per ounce compared to the same period last year, the WGC said.
Central banks purchased 289 tons of gold in the second quarter, approaching the strong levels seen over the past four years. The WGC noted that the market returned to more normal purchase levels after exceptionally strong demand in the previous two quarters.
Gold-backed exchange-traded funds (ETFs) saw net outflows of 45 tons in the second quarter.
Jewelry demand fell to 278 tons in the second quarter, the lowest since the pandemic, though spending rose 14% year-on-year to $40 billion. According to the WGC, bar and coin investment demand was 307 tons, flat year-on-year.
Technology sector gold consumption was 80 tons in the second quarter. According to the WGC, weakness in consumer electronics was offset by new demand driven by artificial intelligence.