20 March 2026

Recently trending

How cutting the CGT discount could help rebalance housing market Is there a better way to reform the CGT discount?Want your loved ones to inherit your super? You can’t afford to skip this one step Super is catching up, but ageing is a triple-threat Meg on SMSFs: Last word on Div 296 for a while

David Goldschmidt, Chartered Accountant: "I find this a really excellent newsletter. The best I get. Keep up the good work!"

Jonathan Hoyle, CEO, Stanford Brown: "A fabulous publication. The only must-read weekly publication for the Australian wealth management industry."

Reader: "Carry on as you are - well done. The average investor/SMSF trustee needs all the help they can get."

John Pearce, Chief Investment Officer, Unisuper: "Out of the (many many) investmentrelated emails I get, Cuffelinks is one that I always open."

Steve: "The best that comes into our world each week. This is the only one that is never, ever canned before fully being reviewed by yours truly."

Don Stammer, leading Australian economist: "Congratulations to all associated. It deserves the good following it has."

Ian Kelly, CFP, BTACS Financial Services: "Probably the best source of commentary and information I have seen over the past 20 years."

Reader: "Great resource. Cuffelinks is STILL the one and only weekly newsletter I regularly read."

Reader: "It's excellent so please don't pollute the content with boring mainstream financial 'waffle' and adverts for stuff we don't want!"

Professor Robert Deutsch: "This has got to be the best set of articles on economic and financial matters. Always something worthwhile reading in Firstlinks. Thankyou"

Reader: "Best innovation I have seen whilst an investor for 25 years. The writers are brilliant. A great publication which I look forward to."

Andrew Buchan, Partner, HLB Mann Judd: "I have told you a thousand times it's the best newsletter."

Noel Whittaker, author and financial adviser: "A fabulous weekly newsletter that is packed full of independent financial advice."

Ian Silk, CEO, AustralianSuper: "It has become part of my required reading: quality thinking, and (mercifully) to the point."

Reader: " Finding a truly independent and interesting read has been magical for me. Please keep it up and don't change!"

Reader: "Is one of very few places an investor can go and not have product rammed down their throat. Love your work!"

Scott Pape, author of The Barefoot Investor: "I'm an avid reader of Cuffelinks. Thanks for the wonderful resource you have here, it really is first class."

Reader: "The BEST in the game because of diversity and not aligned to financial products. Stands above all the noise."

Rob Henshaw: "When I open my computer each day it's the first link I click - a really great read."

John Egan, Egan Associates: "My heartiest congratulations. Your panel of contributors is very impressive and keep your readers fully informed."

Reader: "I can quickly sort the items that I am interested in, then research them more fully. It is also a regular reminder that I need to do this."

Reader: "Love it, just keep doing what you are doing. It is the right length too, any longer and it might become a bit overwhelming."

Reader: "Keep it up - the independence is refreshing and is demonstrated by the variety of well credentialed commentators."

Reader: "Congratulations on a great focussed news source. Australia has a dearth of good quality unbiased financial and wealth management news."

Reader: "An island of professionalism in an ocean of shallow self-interest. Well done!"

Reader: "I subscribe to two newsletters. This is my first read of the week. Thank you. Excellent and please keep up the good work!"

Eleanor Dartnall, AFA Adviser of the Year, 2014: "Our clients love your newsletter. Your articles are avidly read by advisers and they learn a great deal."

Home / White Papers 2025

Gold Demand Trends: Full Year 2024

World Gold Council
13 February 2025
1

Gold demand hits new record in 2024

Central banks and investors drive market strength

Total gold demand (including OTC investment) rose 1% y/y in Q4 to reach a new quarterly high and contribute to a record annual total of 4,974t.

Central banks continued to hoover up gold at an eye-watering pace: buying exceeded 1,000t for the third year in a row, accelerating sharply in Q4 to 333t.

Annual investment reached a four-year high of 1,180t (+25%). Gold ETFs had a sizable impact: 2024 marked the first year since 2020 in which holdings were essentially unchanged, in contrast to the heavy outflows of the prior three years.

Full-year bar and coin demand was in line with 2023 at 1,186t. The composition shifted as bar investment grew and coin buying reduced.

Annual technology demand was also additive to the global total: it grew by 21t (+7%) in 2024, largely driven by continued growth in AI adoption.

Gold jewellery was the clear outlier: annual consumption dropped 11% to 1,877t as consumers could only afford to buy in lower quantities. Nonetheless, spend on gold jewellery jumped 9% to US$144bn.

Highlights

The LBMA (PM) gold price reached 40 new record highs during 2024. The average Q4 price of US$2,663/oz was also a record and yielded an annual average price of US$2,386/oz (+23%).
Demand in value terms reached previously unseen levels. The combination of record gold prices and volumes produced a Q4 value of US$111bn. This took 2024 over the line to reach the highest-ever annual value of US$382bn.
Total gold supply inched up 1% y/y to 4,974t – a high for our data series. Growth in both mine production and recycling contributed to the increase in total supply of gold.
A sharp slowdown in Q4 OTC investment led to a slight annual decline. Demand from high net worth investors remained healthy, but contrasted with profit-taking in some areas of OTC investment.
2025 full year outlook: central banks and ETF investors likely to drive demand with economic uncertainty supporting gold’s role as a risk hedge, but on the flipside, keeping pressure on jewellery.

Download the full paper

World Gold Council

13 February 2025
1

1 Comments

David
February 14, 2025

Governments all over the world have done their level best to persuade people that what they issue as paper or plastic notes are real money and that gold is only a commodity and that its use as money has been consigned to the dustbin of history. The current demand and price increase, relative to fiduciary money, belies that. Forget about bank interest. In hindsight, the best thing people could have done this last year was to convert all their money savings to gold and just hold it. As for gold jewelry, the quote I like the best (not mine) is:
"(Gold) money is not valuable because it is really jewelry, rather (gold) jewelry is valuable, because it is really money."

Alliances

Site Map

About Firstlinks

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.