The total gold supply recorded marginal increase by 1% in 2024 to total 4,974 tonnes, hitting the highest level in almost three decades.
SEATTLE (Scrap Monster): According to the World Gold Council's (WGC) recently released Gold Demand Trends Report, the overall supply of gold increased slightly over the previous year.
In 2024, the total amount of gold in circulation increased by a mere 1% to 4,974 tons, reaching its greatest level in nearly thirty years. Higher mine production and recycled supply were the primary causes of the increasing supply.
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According to preliminary calculations, gold mine production surpassed the 2018 record of 3,656 tonnes to achieve an all-time high of 3,661 tonnes. WGC further out that the final figures are anticipated to deviate from current estimates, therefore the data is subject to change. Furthermore, given that the Q4 2024 mine production of 954 tonnes is less than the 955 tonnes recorded in the same quarter the previous year, the data suggests that the recent growth trends may be coming to a stop.
In Guinea, Canada, Peru, and Mexico, mining output increased. The United States, Australia, Bolivia, and the Democratic Republic of the Congo, on the other hand, reported reduced production.
WGC claims that 2024 saw a rise in recycling activity as a result of the record gold prices. The amount of recycled gold increased from 1,234.4 tonnes in 2023 to 1,370 tonnes in 2024, an 11% annual increase.
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