Gold is set for its best annual performance in more than 10 years, up 28% in November 2024, according to the World Gold Council’s latest report. In particular:
- gold price has increased more than 28% in US dollars in 2024 so far, trading 22% higher than 2023 on average
- gold reached 40 new record highs year-to-date
- and total gold demand in Q3 2024 reached a record US$100 billion for the first time on record
“Central bank and investor buying have more than offset a notable deceleration in consumer demand. Asian investors have been a near constant presence, while lower yields and a weakening US dollar in Q3 fueled Western investment flows. However, it is gold’s role as a hedge amidst rising market volatility and geopolitical risk that most likely explains its remarkable performance”
— World Gold Council, Gold Outlook 2025: Navigating rates, risk and growth
Central bank demand is forecast to end 2024 below previous records, but has remained strong, contributing to gold’s performance to an estimated 7%–10%
Looking forward to 2025, the World Gold Council sugegsts final price performance will depend on the interaction of gold’s four key drivers: economic expansion; risk; opportunity cost; and momentum.
Our analysis on why investment in gold miners has not yet kept up with the gold price: