The total demand for gold, which also includes off-exchange transactions, increased by 1% to 4,974 tons. In 2023, it reached a value of 4,899 tons.
Central banks have been actively buying gold - their demand has been more than one thousand tons annually for three years in a row. In 2024, the Central Bank of Poland took the first place among the largest buyers of gold, increasing its reserves by 90 tons.
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Investment demand increased by 25% compared to the previous year and amounted to 1,180 tons, setting a four-year record. This happened, in particular, due to the growing interest in the second half of 2024 in exchange-traded funds (ETFs) investing in gold.
The use of gold in industry increased by 7% in 2024, amounting to 326 tons, mainly due to the ongoing introduction of artificial intelligence technologies. The increase in the value of gold has led to a significant decrease in demand for it from jewelers. Annual consumption decreased by 11%.
