Chart Gallery

5 February, 2025

 

Chart 1: Gold demand at record levels for Q4 and full year

Quarterly gold demand in volume, tonnes, and value, US$bn*

Chart 1: Gold demand at record levels for Q4 and full year

Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer

*Data to 31 December 2024.

 

Chart 2: We see central banks and ETF investors at the forefront, while consumer-led sectors face challenges in 2025

Expected change in annual gold demand*

Chart 2: We see central banks and ETF investors at the forefront, while consumer-led sectors face challenges in 2025

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as at 31 December 2024.

 

Chart 3: Jewellery demand in China responded to the surging gold price and slower economic growth.

Chinese gold jewellery consumption, quarterly and 10-year average, in tonnes*

Chart 3: Jewellery demand in China responded to the surging gold price and slower economic growth.

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 31 December 2024.

 

Chart 4: Jewellery demand in India was resilient in the face of record gold prices

Indian quarterly gold jewellery consumption in volume, tonnes and value, US$bn*

Chart 4: Jewellery demand in India was resilient in the face of record gold prices

Sources: Metals Focus, ICE Benchmark Administration, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 December 2024.

 

Chart 5: Some markets – most notably Turkey, Japan and Australia – saw even steeper rises in the local gold price 

Annual return in the gold price, %*

Chart 5: Some markets – most notably Turkey, Japan and Australia – saw even steeper rises in the local gold price

Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data to 31 December 2024.

 

Chart 6: A surge of inflows into gold ETFs in H2 2024 almost fully reversed the outflows from H1

Quarterly gold-backed ETF demand by region, tonnes, and global AUM, US$bn*

Chart 6: A surge of inflows into gold ETFs in H2 2024 almost fully reversed the outflows from H1

Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data to 31 December 2024.

 

Chart 7: Global bar and coin investment was steady in 2024, with growth in Asia cancelling out weakness in the West

Annual bar and coin investment by region in volume, tonnes, and value, US$bn*

Chart 7: Global bar and coin investment was steady in 2024, with growth in Asia cancelling out weakness in the West

Sources: Metals Focus, ICE Benchmark Administration, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 December 2024.

 

Chart 8: Increased investment in India and China offset the slowdown in Europe and the US

Y/y change in bar and coin investment by country, %*

Chart 8: Increased investment in India and China offset the slowdown in Europe and the US

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 31 December 2024.

 

Chart 9: Central banks have been net buyers for 15 consecutive years

Annual central bank net purchases, tonnes*

Chart 9: Central banks have been net buyers for 15 consecutive years

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 December 2024.

 

Chart 10: Central bank buying far outstripped selling again in 2024

2024 central bank net purchases and sales by country*

Chart 10: Central bank buying far outstripped selling again in 2024

Sources: IMF IFS, respective central banks, World Gold Council; Disclaimer

*Data to 31 December 2024 where available at the time of writing. Note: chart includes only purchases/sales of 1t or more. **Represents the gold reserves of the State Oil Fund of Azerbaijan (SOFAZ).

 

Chart 11: Estimates suggest gold mine production reached a new record in 2024

Annual gold mine production, tonnes*

Chart 11: Estimates suggest gold mine production reached a new record in 2024

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data as of 31 December 2024.

 

Chart 12: Record gold prices fuelled an increase in recycling activity in 2024

Rolling four-quarter recycling total, tonnes, and rolling four-quarter average price, US$*

Chart 12: Record gold prices fuelled an increase in recycling activity in 2024

Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data as of 31 December 2024.

 

Chart 13: East Asia drove increases in Q4 recycling volumes

Y/y and q/q change in recycled gold volumes, tonnes*

Chart 13: East Asia drove increases in Q4 recycling volumes

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 31 December 2024.

Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]