The World Gold Council’s latest report underscores gold’s surging demand, which climbed 5 per cent year-over-year to an incredible 1,313 tonnes in Q3.
That’s an all-time record for the third quarter. This demand surge saw gold prices hit new highs, with the total value of demand exceeding US$100 billion for the first time. This surge was driven by falling interest rates, geopolitical tensions, and the growing appeal of gold for portfolio diversification.
Is it too late to invest in gold? Goldman Sachs raised its forecast, predicting prices could hit US$2,900 per ounce by early 2025 (up from their previous estimate of US$2,700).
This optimism comes from an unprecedented increase in purchases from central banks (especially emerging markets) who are bolstering their gold reserves as a hedge against global instability. Read more detail here.