1、 Gold Demand Trends|Q2 2024 01 gold.org Highlights The LBMA(PM)gold price averaged a record US$2,338/oz in Q2 18%higher y/y and 13%higher q/q.Gold reached a new record of US$2,427/oz in May.OTC investment of 329t was a significant component of Q2 total gold demand.Together with continued central ban

2、k buying,it helped drive the price to a series of record highs during the quarter.Total gold supply grew by 4%y/y to 1,258t.Mine production of 929t was a record for a second quarter.Recycling supply was the highest for a second quarter since 2012,responding to the rising gold price.Regional investme

3、nt trends continued to diverge.Demand for bars,coins and ETFs,was robust in the East,compared with a marked decline in the West.Western ETF investment flows have,however,started to return so far in Q3.2024 full year outlook:revived Western investment flows to balance out weaker consumer demand and p

4、otentially slower central bank buying vs 2023.Gold demand firm;record prices prevail OTC investment and central banks remained decisive Gold demand excluding OTC in Q2 was down 6%y/y to 929t as a sharp decline in jewellery consumption outweighed mild gains in all other sectors.Adding in OTC investme

5、nt to total gold demand yields a 4%y/y increase to 1,258t the highest Q2 in our data series back to 2000.The record gold price environment took its toll on Q2 jewellery consumption:volumes fell 19%y/y to a four-year low of 391t.Central bank net gold buying was 6%higher y/y at 184t,driven by the need

6、 for portfolio protection and diversification.A minor 7t decline in global gold ETF holdings in Q2 compared positively with the 21t drop in Q223.Sizable early outflows were followed by nascent later inflows.Retail bar and coin investment was 5%lower at 261t,primarily due to weak demand from Western