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22 December 2024

Home / White Papers 2024

Gold Demand Trends, Q3 2024

Highlights

  • The LBMA (PM) gold price continued to breach successive record highs during Q3. The average price for the quarter was 28% higher y/y at a record US$2,474/oz.
  • OTC investment almost doubled y/y to 137t. This was the seventh consecutive quarter in which OTC investment has been positive for gold demand and remains a notable component of the market.
  • Total gold supply grew by 5% y/y to a record 1,313t. Mine production grew 6% y/y to another quarterly record and y-t-d output has eclipsed the 2018 prior high. Recycled gold volumes rose 11% y/y, but widespread distress selling is not yet in evidence.
  • Investment flows were key to gold’s performance in Q3. Falling interest rates, geopolitical uncertainty, portfolio diversification and momentum buying were among the key drivers.
  • 2024 full year outlook: resurgent professional flows combined with solid bar and coin investment will offset weaker consumer demand and slower central bank buying.

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