Global gold demand predicted to hit record high in 2024

RIYADH: The demand for gold globally hit a record high last year, and it is expected to continue to surge in 2024, according to an industry body. 

The World Gold Council made this projection by assuming that the Federal Reserve will move toward cutting interest rates, potentially aiding prices. 

According to the report, overall gold demand globally grew by around 3 percent to 4,899 tonnes in 2023, primarily driven by strong demand in the over-the-counter market. 

However, annual gold demand excluding OTC fell by 5 percent in 2023 to 4,448 tonnes. 

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