Central banks around the world purchased 1,045 tonnes of gold in 2024, setting an annual record for official sector demand and extending a sustained multi-year buying trend that has provided a structural floor beneath gold prices regardless of short-term market fluctuations, according to World Gold Council data.

The figure surpassed the previous annual record of 1,037 tonnes set in 2023, with purchases concentrated among central banks in Asia, Eastern Europe, and the Middle East seeking to reduce their exposure to US dollar-denominated reserves. The People's Bank of China, the Reserve Bank of India, and the National Bank of Poland were among the most active reported buyers.

Total gold demand across all categories reached 4,974 tonnes in 2024, a record for any year in World Gold Council data history. Investment demand, including gold bars, coins, and exchange-traded funds, contributed significantly to the total as retail and institutional investors responded to monetary policy uncertainty and persistent inflation across major economies.

Technology demand for gold, driven primarily by use in electronics and semiconductor components, held steady at approximately 326 tonnes. Gold's conductivity and corrosion resistance make it a critical material in advanced packaging applications and high-reliability connectors, with AI chip manufacturing creating incremental demand for the metal.

Mine production reached approximately 3,660 tonnes in 2024, slightly above the prior year, with South Africa, Australia, Russia, Canada, and the United States among the top producing nations. US gold mine output, concentrated in Nevada, Alaska, and Colorado, contributed approximately 170 tonnes.

Source: World Gold Council -- https://www.gold.org/research