WGC: Gold Bar and Coin Demand Surged in Q1 2024

SEATTLE (Scrap Monster): The Gold Demand Trends Q1 2024 report published by the World Gold Council (WGC) indicates that global gold bar and coin investment demand recorded marginal surge during the first quarter of 2024.

The world gold coin and bar investment totalled 312 tonnes in Q1 this year, recording marginal increase by 3% over the prior year quarter. This was higher by 17% than the five-year average of 268 tonnes. The buoyant demand was mainly on account of rising gold prices.

The Chinese bar and coin demand stood at 110 tonnes, surging higher by 68% over the previous year. The quarterly demand hit the highest level in more than seven years. Over the forthcoming quarters, the country’s bar and coin investment is expected to remain healthy, said WGC report.

India reported strong gold bar and coin investment, up 19% over the year at 41 tonnes. The demand matched with that of Q1 2022, which itself was the strongest first quarter since 2014. However, further sharp spike in gold prices could result in a short-term dip in demand owing to affordability constraints.

Turkey reported 50% surge in bar and coin investment over the prior quarter. Meantime, the investment in the Middle East region was down by 15% year-on-year at 26 tonnes. The U.S. and European investment markets too recorded decline during the initial quarter, WGC report noted.