5 August 2024
Gold prices have reached record highs in 2024, with spot gold ending at $2,443.29 an ounce on August 2. While overall demand has increased, the surge in prices may be impacting consumer buying patterns. The World Gold Council’s quarterly report shows a significant rise in institutional investor demand, but a decline in jewelry consumption and official coin purchases. This shift suggests that while gold remains attractive for portfolio diversification, high prices may be deterring traditional consumer demand, potentially leading to a slowdown in overall demand in the coming quarters.