The World Gold Council’s Q2 2024 Gold Demand Trends report revealed a 4 per cent increase in global gold demand year-on-year (YoY) to 1,258 tonnes, marking the strongest second quarter in their data series. The surge in demand was primarily supported by a significant 53 per cent increase in over-the-counter (OTC) transactions, which reached 329 tonnes. The report highlighted that increased OTC demand, continuous central bank purchases, and a slowdown in ETF outflows contributed to record-high gold prices in Q2. Gold’s price averaged at $2,338 per ounce, 18 per cent higher YoY, peaking at a record $2,427 per ounce during the quarter.