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Gold Demand Trends Q1 2024
Healthy consumer buying offered further support. Q1 gold demand (excluding OTC demand) slipped 5% y/y to 1,102t, due to continued ETF outflows. Inclusive of sizable OTC buying by investors, total gold demand increased 3% y/y to 1,238t – the strongest first quarter since 2016. Q1 saw no let-up in the pace of central bank gold buying: 290t (net) was added to official holdings, only part of which is currently reflected in IMF data. Bar and coin demand matched the previous quarter at 312t, translating to a 3% y/y increase. Global gold ETF holdings fell by 114t. Europe and North America both saw quarterly outflows, ... (full story)