The World Gold Council’s latest Gold Demand Trends report shows central banks continued their steady gold-buying strategy for a 15th consecutive year.
In 2024 central banks purchased 1,044.6 metric tons of gold, a slight decline from 2023’s 1,050.8 metric tons. Despite the small drop, this marks the third straight year of purchases exceeding 1,000 metric tons — more than double the 2010–2021 annual average of 473 metric tons.
Total global gold demand reached a record 4,974.5 metric tons in 2024, led by a 25% rise in investment demand to 1,179.5 metric tons. That increase reflects stronger inflows to investment vehicles as investors sought a safe-haven asset amid heightened uncertainty.
Looking ahead, U.S. macroeconomic policy under the new administration will be an important influence on gold markets. Changes to monetary and fiscal policy, along with trade measures such as newly announced tariffs on China and potential tensions with Mexico and Canada, could reinforce gold’s role as a strategic reserve asset and an inflation hedge.
Geopolitical uncertainty and policy shifts are expected to support continued demand from central banks and exchange-traded fund (ETF) investors. The World Gold Council projects that these factors, combined with elevated risk perceptions, will sustain robust appetite for gold in the near term.