世界黄金协会（WGC）：2024年第四季度及全年全球黄金需求趋势报告（英文版）（23页）.pdf

1、gold.org Gold Demand Trends|Q4 and Full Year 2024 01 Gold demand hits new record in 2024 Central banks and investors drive market strength Total gold demand(including OTC investment)rose 1%y/y in Q4 to reach a new quarterly high and contribute to a record annual total of 4,974t.Central banks continu

2、ed to hoover up gold at an eye-watering pace:buying exceeded 1,000t for the third year in a row,accelerating sharply in Q4 to 333t.Annual investment reached a four-year high of 1,180t(+25%).Gold ETFs had a sizable impact:2024 marked the first year since 2020 in which holdings were essentially unchan

3、ged,in contrast to the heavy outflows of the prior three years.Full-year bar and coin demand was in line with 2023 at 1,186t.The composition shifted as bar investment grew and coin buying reduced.Annual technology demand was also additive to the global total:it grew by 21t(+7%)in 2024,largely driven

4、 by continued growth in AI adoption.Gold jewellery was the clear outlier:annual consumption dropped 11%to 1,877t as consumers could only afford to buy in lower quantities.Nonetheless,spend on gold jewellery jumped 9%to US$144bn.Gold Demand Trends Q4 and Full Year 2024 Chart 1:Gold demand at record l

5、evels for Q4 and full year Quarterly gold demand in volume,tonnes,and value,US$bn*Data to 31 December 2024.Source:ICE Benchmark Administration,Metals Focus,World Gold Council 05010015020025030035040045001,0002,0003,0004,0005,0006,0002000200120022003200420052006200720082009201020112012201320142015201

6、620172018201920202021202220232024US$bnTonnesQ4Q1-Q3Total value(rhs)Highlights The LBMA(PM)gold price reached 40 new record highs during 2024.The average Q4 price of US$2,663/oz was also a record and yielded an annual average price of US$2,386/oz(+23%).Demand in value terms reached previously unseen