The World Gold Council has analyzed the development of the gold market in the second quarter of 2024. Although demand from industry was positive at 81 tons of gold, this is only a small, rather insignificant sector. Central banks added 183 tonnes of the precious metal to their gold reserves, six per cent more than in the second quarter of 2023. Poland and India in particular were among the most eager buyers in the second quarter of 2024. Over-the-counter gold purchases were particularly strong. These went up by more than 50%. All of this and weaker areas such as jewelry demand and demand for bars and coins resulted in a four percent increase in demand for gold compared to the same quarter of the previous year.
Demand for jewelry was subdued in the second quarter of 2024. It was even 19% lower than in the previous year. Demand for bars and coins also fell by five percent year-on-year. On the other hand, gold ETF outflows were significantly lower. Looking at the first half of 2024, demand was slightly higher overall compared to the same period last year. The significant ETF outflows in the first quarter were particularly noticeable here. On the positive side, these were offset by high demand from central banks.
The fact that demand for jewelry has fallen so much is probably due to India and China, where high prices have slowed purchasing behavior. A similar situation could be observed in Turkey and the Middle East. The high precious metal prices certainly also had an impact on demand for gold bars and coins. However, bars and coins were in high demand in China and India, despite the record high prices. As gold as a whole never goes out of fashion, a look at gold companies should not be missed. Aurania Resources and GoldMining are popular here.
Aurania Resources - https://www.rohstoff-tv.com/mediathek/unternehmen/profile/aurania-resources-ltd/ - focuses on copper and precious metals in South America. The flagship project is located in the Andes in Peru and visible gold was recently found.
GoldMining's properties - https://www.rohstoff-tv.com/mediathek/unternehmen/profile/goldmining-inc/ - are located in North and South America and contain gold and copper.
There are also shares in Gold Royalty - https://www.rohstoff-tv.com/play/quartalsupdate-mit-gold-royalty-und-mag-silver/ -, U.S. GoldMining - https://www.rohstoff-tv.com/mediathek/unternehmen/profile/us-goldmining-inc/ - and NevGold - https://www.commodity-tv.com/ondemand/companies/profil/nevgold-corp/ .
Current company information and press releases from Aurania Resources (- https://www.resource-capital.ch/de/unternehmen/aurania-resources-ltd/ -) and GoldMining (- https://www.resource-capital.ch/de/unternehmen/goldmining-inc/ -).
In accordance with §34 WpHG, I would like to point out that partners, authors and employees may hold shares in the companies mentioned and that there is therefore a possible conflict of interest. No guarantee for the translation into German. Only the English version of this news is valid.
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