05.02.2025 11:52
According to the World Gold Council's annual report, global gold demand reached a new peak in 2024 due to increasing geopolitical and economic uncertainties. Total gold transactions, including over-the-counter (OTC) investments, rose from 4,899 tons in 2023 to 4,974 tons in 2024.
The demand for gold by central banks has shown a strong buying trend, exceeding 1,000 tons for the third consecutive year. The National Bank of Poland became the largest net buyer by adding 90 tons to its reserves, while the Central Bank of the Republic of Turkey (CBRT) ranked second with an increase of 75 tons. The Reserve Bank of India was in third place, making regular purchases every month except for December.
INVESTMENT DEMAND IS GROWING
The total annual investment in gold reached 1,180 tons, a 25% increase largely supported by gold exchange-traded funds. The demand for bullion and coins remained high, bolstered by strong demand from China and India. Chinese investors turned to gold due to domestic economic uncertainties and limited alternative investment options. In India, the government's reduction of gold import duties from 15% to 6% in July contributed to the increase in demand.
TURKEY'S GOLD RESERVES ARE INCREASING
The Central Bank of the Republic of Turkey has risen to become the second largest net gold buyer among central banks by increasing its gold reserves by 75 tons in 2024. This increase is seen as part of Turkey's strategy to strengthen its gold reserves.