Latest news with #TheWorldGoldCouncil
Yahoo
06-02-2025
- Business
- Yahoo
Russians are buying huge amounts of gold with the ruble under pressure from high inflation and sanctions
The World Gold Council said Russians bought 75.6 metric tons of gold last year, up by 6% from 2023. Gold is a safe-haven asset that's often in demand amid high inflation and geopolitical tensions. The price of gold hit a record on Wednesday, jumping above $2,900 an ounce. Russian consumers are buying record amounts of gold, according to data from the World Gold Council. The organization said in a report published on Wednesday that Russian consumers purchased 75.6 metric tons of the precious metal last year, representing a 6% jump from 2023 and a 62% increase from 2021, right before the war in Ukraine broke out. Russians have been piling up gold — which investors often view as a safe-haven asset— as surging inflation and strict sanctions eat into the value of the ruble domestically and internationally. Russia's statistics agency has said the country's inflation rate in 2024 was 9.5%, the highest level since the war broke out in February 2022, and recent data indicates prices have continued to rise in the first few weeks of 2025. An escalation of Western sanctions against Russia has made gold purchases an attractive alternative to traditional investments, as the ruble has plunged to historic lows since the war broke out. Cross-border payment restrictions have also made it more difficult for Russian citizens to diversify their investments outside the country. The Russian government is probably happy to see its consumers purchasing record amounts of gold, as it has few avenues to offload the more than 300 metric tons it mines yearly. Additionally, Russia's central bank hasn't been purchasing nearly the amount of gold it has in the past; before the war, it was the world's largest gold buyer. Russian consumers' purchases are so far working in their favor. The price of gold jumped by 28% in 2024 and is already up by 10% so far in 2025. The price of gold on Wednesday increased by nearly 1%, to a record high of $2,902 an ounce. Read the original article on Business Insider Sign in to access your portfolio
Trade Arabia
05-02-2025
- Business
- Trade Arabia
Global gold demand hits new high as prices soar in 2024
The World Gold Council's Q4 and Full Year 2024 Gold Demand Trends report reveals that total annual gold demand hit a new, record high of 4,974 tonnes, driven by strong, sustained central bank buying and growth in investment demand. The demand in 2023 was 4,945.9 tonnes. The combination of record high gold prices, and volumes resulted in the highest ever total value of demand at $382 billion. Central banks continued to buy gold at pace in 2024, with purchases exceeding 1,000 tonnes for the third year in a row. Buying ramped up significantly in Q4, reaching 333 tonnes and bringing the annual total for central banks to 1,045t. Global investment demand increased 25% year-on-year to 1,180 tonnes – a four-year high – driven by a revival in gold ETF demand in the second half of 2024. Global gold ETFs added 19 tonnes in Q4 2024, marking two consecutive quarters of inflows for the asset class. Bar and coin demand stayed largely in line with 2023 volumes at 1,186 tonnes in 2024. Unsurprisingly, high prices dampened demand in the jewellery sector, with annual consumption decreasing by 11% to 1,877 tonnes. The decline was driven largely by weakness in China (down 24% year-on-year), though Indian demand remained resilient, dropping just 2% in 2024, in a record high price environment. The technology sector saw its strongest quarter since Q4 2021, with demand reaching 84 tonnes. A modest rise in gold volumes used in artificial intelligence (AI) and electronics contributed to a 7% year-on-year increase, netting at 326 tonnes. Total gold supply increased 1% year-on-year, reaching a new record high of 4,794 tonnes. Growth in both mine production and recycling contributed to the increase in total gold supply. The council expects central banks to stay in the driving seat in 2025 and gold ETF investors to join the fray. Jewellery demand will remain under pressure and may see further growth in recycling, it said.
Zawya
05-02-2025
- Business
- Zawya
Global gold demand hits new high as prices soar in 2024
The World Gold Council's Q4 and Full Year 2024 Gold Demand Trends report reveals that total annual gold demand hit a new, record high of 4,974t, driven by strong, sustained central bank buying and growth in investment demand. The combination of record high gold prices, and volumes resulted in the highest ever total value of demand at $382bn. Central banks continued to buy gold at pace in 2024, with purchases exceeding 1,000t for the third year in a row. Buying ramped up significantly in Q4, reaching 333t and bringing the annual total for central banks to 1,045t. Global investment demand increased 25% year-on-year to 1,180t – a four-year high – driven by a revival in gold ETF demand in the second half of 2024. Global gold ETFs added 19t in Q4 2024, marking two consecutive quarters of inflows for the asset class. Bar and coin demand stayed largely in line with 2023 volumes at 1,186t in 2024. Unsurprisingly, high prices dampened demand in the jewellery sector, with annual consumption decreasing by 11% to 1,877t. The decline was driven largely by weakness in China (down 24% year-on-year), though Indian demand remained resilient, dropping just 2% in 2024, in a record high price environment. The technology sector saw its strongest quarter since Q4 2021, with demand reaching 84t. A modest rise in gold volumes used in artificial intelligence (AI) and electronics contributed to a 7% year-on-year increase, netting at 326t. Total gold supply increased 1% year-on-year, reaching a new record high of 4,794t. Growth in both mine production and recycling contributed to the increase in total gold supply.
