The World Gold Council recently released its “Global Gold Demand Trend Report” for the first quarter of 2024, revealing some interesting insights into the gold market. According to the report, total global gold demand, including over-the-counter transactions, saw a 3% year-on-year increase to reach 1,238 tons in the first quarter of the year. This marks the strongest first quarter performance since 2016.
However, when excluding over-the-counter transactions, total global gold demand actually fell by 5% to 1,102 tons compared to the same period in 2023. Despite this slight setback, a senior market analyst at the World Gold Council expressed optimism for the future, stating, “Looking forward, based on gold’s recent performance, gold’s return in 2024 may be much higher than we expected at the beginning of the year.”
These findings suggest that while there may have been a dip in demand for physical gold, the overall outlook for the precious metal remains positive. Investors and market observers will be keeping a close eye on how this trend evolves throughout the year.
The source of this article is the Financial Associated Press, and the original title of the report was “World Gold Council: Total global gold demand increased to 1,238 tons in the first quarter, and gold returns in 2024 may exceed expectations.”
It is important to note that the information provided in this article is for informational purposes only and should not be interpreted as investment advice. Readers are advised to conduct their own research and make decisions at their own risk.