On 31 January, the World Gold Council launched its Global Gold Demand Trends Report (hereinafter referred to as the Report), which indicates that, globally, gold demand for the full yr of 2023 (including over-the-counter (OTC) transactions and different sources) used to be 4,899 tonnes, the best possible determine given that 2010. Total demand for gold jewelry inside China reached 630 tonnes in 2023, up 10 per cent year-on-year, regardless of a 17 per cent surge in the home gold price, in accordance to the Report. Meanwhile, due to hovering gold prices, home gold jewelry consumption in 2023 reached a file excessive of RMB 282 billion. Lixin Wang, CEO of the World Gold Council China, stated that whilst demand for gold jewelry in the first quarter of 2024 can also continue to be robust due to improved income in advance of the Chinese New Year holiday, consumption all through the 12 months may want to nevertheless be challenged by way of greater gold prices, slower financial boom and weaker demand for wedding ceremony gold.
