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22 December 2024

Home / White Papers 2024

Gold Demand Trends Q2 2024

Second quarter gold demand hits record highs, supporting rising prices

Elevated gold price and AUD weigh on local demand

Global gold demand (in tonnes) inclusive of OTC markets was up 4% y/y by the end of the June Q, the strongest Q2 on WGC’s record. This was led by healthy OTC demand, record H1 central bank purchases and improved ETF flows. Excluding OTC, gold demand was down 6% in Q2 y/y. In Australia, record gold prices, a strong AUD and economic pressures led to a 25% fall in gold consumption in Q2, though ETF investment remained stable. 

Shaokai Fan, Head of Asia-Pacific (ex China) and Global Head of Central Banks at the World Gold Council, commented on local demand trends:

“In Australia, gold ETF holdings saw a minor decline of 0.2t during Q2, arriving at 40.3t. However, total AUM rose 5% in the quarter thanks to a stronger gold price. “Total Australian gold consumption fell by 25% in Q2, led by a 32% decline in jewellery demand and a 19% fall in bar and coin investment, year-on-year. The elevated gold price and high living costs continued to weigh on jewellery purchases while a strong local currency and tight financial conditions likely dented investment demand for gold.”

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