The demand report said that “by far the biggest contributor to the weakness in volumes has been China.” On an annual basis, a review of past gold demand reports shows that India’s gold demand was higher than China’s for the first time since 2012.
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Investment Demand
For the last three quarters starting from the April-June quarter of 2024, China’s gold jewellery demand has been lagging behind India’s overall economic weakness. Although Chinese investment demand has been higher than India’s for the last two quarters, China’s consumer demand (jewellery and investment) has been lower than India’s.
China’s consumer demand in the December 2024 quarter was 189.9 tonnes while India’s consumer demand during the same period was 265.8 tonnes.
Central banks keep adding gold
Global Central banks added 1,045 tonnes to global gold reserves in 2024, said the report. Buying ramped up significantly in Q4, reaching 333 tonnes. The National Bank of Poland led the charge with 90 tonnes. The RBI was bought gold every single month till November.
