Global Gold Demand Hits Record High in 2024

Citi Research has revised its gold price forecasts upwards for 2025, anticipating continued demand driven by geopolitical risks and central bank purchases under the Trump administration's trade policies. In 2024, global gold demand hit a record high, with central banks accelerating their acquisitions, particularly in the fourth quarter, amid economic uncertainties. China, the world's largest gold consumer and producer, saw a slight production increase but a decline in consumption, indicating a potential slowdown in growth due to macroeconomic shifts. In India, gold demand rose by 5% in 2024, boosted by reduced import duties and wedding-related purchases, with expectations for stable demand in 2025. Overall, the World Gold Council reports that geopolitical and economic uncertainty will sustain gold's appeal as a stable asset, with central banks likely to continue their strong buying trend in 2025.