2024: Geopolitics, Central Banks, and Gold Demand

The World Gold Council predicts that gold demand will remain strong in 2024 due to geopolitical tensions and continued central bank buying. Gold prices reached a record high in 2023 and are expected to remain resilient next year. While a "soft landing" in the US economy could be positive for the global economy, the WGC believes that geopolitical tensions and major elections in key economies will drive investors to hold effective hedges like gold. The WGC also expects central bank buying to continue, which has been a major source of demand in the gold market. However, the organization does not anticipate another record year for central bank purchases in 2024.