WGC: World Gold Jewellery Demand Dropped in Q1 2024

The gold jewellery demand in India was 95t, 4% above the comparatively weak first quarterly period in 2023.

SEATTLE (Scrap Monster): The global gold jewellery consumption in Q1 this year totalled 479 tonnes, slightly lower by 2% upon comparison with the corresponding quarter a year before, said the recently released Gold Demand Trends Q1 2024 report by the World Gold Council (WGC). Also, this was lower by 3% when compared with the five-year Q1 average demand of 465 tonnes.

The Q1 Chinese gold jewellery demand, at 184 tonnes, witnessed notable decline by 6% compared with Q1 2023. However, the demand stood well above the ten-year average first quarter demand of 162 tonnes, higher by 13%. The 24 carat pure gold products and heritage gold jewellery continued to outperform other categories during the quarter, said the WGC report.

The gold jewellery demand in India was 95t, 4% above the comparatively weak first quarterly period in 2023. The gold consumption witnessed significant support from continued strong macroeconomic environment in the country. The rural demand was seen picking up along with rising demand from urban areas.

The Turkish gold jewellery demand was 19% higher at 11 tonnes. The Middle East region recorded jewellery demand of 42 tonnes in Q1 2024, 4% lower over the prior year quarter. The European demand edged lower during the quarter. Thailand, Vietnam and Indonesia too witnessed similar decline in Q1 gold jewellery demand.

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