Gold Demand to Hit Record With Central-Bank Buying, WGC Says

Gold demand broke records last year and is set to increase in 2024 as the Federal Reserve considers interest rate cuts, potentially boosting prices, according to the World Gold Council.
The precious metal rallied 13% last year, reaching a record in early December, on the back of economic and political uncertainty, geopolitical tensions, and expectations that the U.S. central bank is poised to start easing policy after aggressive inflation-taming measures. Investors typically want to own gold in a rate-cutting cycle as it benefits from lower Treasury yields and a weaker dollar.
Central-bank buying maintained a rapid pace, reaching 1,037 tons in 2023, just 45 tons short of the 2022 record, with expectations of surpassing 500 tons in the coming year, according to the World Gold Council.