The World Gold Council’s ‘Gold Demand Trends Q1 2024 report presents a complex landscape for gold demand. When including over-the-counter (OTC) transactions, total demand saw a year-on-year increase of 3% to 1,238 tonnes, bolstered by significant purchases by central banks and OTC investments. This was against a backdrop of a 5% drop in demand excluding OTC transactions, which fell to 1,102 tonnes due to continued outflows from exchange-traded funds (ETFs). Central Bank and OTC Influences Central banks significantly increased their gold holdings, with a net addition of 290 tonnes, although not all additions are currently shown in International Monetary Fund…

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