Gold Demand Hits Highest Level Since 2016

4.30.24 - Gold Demand Hits Highest Level Since 2016

Gold last traded at $2,286 an ounce. Silver at $26.29 an ounce.

Gold Demand Hits Highest Level Since 2016, World Gold Council Says -Forbes

Demand for safe haven gold rose to its highest level in seven years in the first quarter of 2024, according to the World Gold Council.

Total bullion demand (including over-the-counter trades) rose 3% year on year between January and March, the body said, to 1,238 tonnes.

Excluding over-the-counter business, gold demand reversed 5% from the corresponding 2023 period, to 1,102 tonnes.

Average gold prices rose 10% year on year in quarter one, or 5% from the final three months of 2023, to an all-time quarterly high of $2,070 per ounce as macroeconomic and geopolitical drove demand for the flight-to-safety asset.

The WGC said that "healthy investment from the OTC market, persistent central bank buying, and higher demand from Asian buyers" all drove gold prices skywards last quarter.

The metal has continued to rise and struck fresh record highs of $2,364 per ounce in early April. It was last dealing at $2,314.