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Gold Boom: Central Banks And Investors Drive Record Demand In 2024

Global gold demand soared to an all-time high in 2024, driven by aggressive central bank purchases and a surge in investment interest, according to the World Gold Council’s annual report.

Key Figures

  • Nearly 5,000 tonnes of gold were traded last year, surpassing the 4,899 tonnes recorded in 2023, including over-the-counter (OTC) investments.
  • Central banks continued their buying spree, surpassing 1,000 tonnes of purchases for the third consecutive year.
  • The National Bank of Poland emerged as the top buyer, adding 90 tonnes to its reserves, followed by Turkey (75 tonnes) and India, which made steady purchases throughout the year.

What’s Next?

Gold prices shattered 40 all-time highs last year and continue to rise in 2025. Futures on the New York Mercantile Exchange (NYMEX) climbed to $2,875.8 per ounce this week, according to FactSet.

With rate cuts expected, the opportunity cost of holding gold is likely to decrease, keeping investment demand stable.

Investment Surge

  • Total gold investment jumped 25% to a four-year high of 1,180 tonnes, primarily fueled by ETFs.
  • Demand for gold bars and coins remained steady, with robust purchases in China and India.
  • India’s gold demand spiked following a government reduction in import duties from 15% to 6% in July.
  • Across ASEAN nations, including Singapore, Indonesia, Malaysia, and Thailand, investment demand saw double-digit growth.
  • Wealthy investors continued to hedge risks through OTC gold investments, which operate outside traditional exchanges.

Jewelry Market Struggles

Despite the bullish investment climate, gold jewelry demand fell 11% year-on-year, making it the only segment to decline. High gold prices and sluggish economic growth are expected to keep demand weak in 2025, according to analysts.

While central banks and investors drive record-breaking gold purchases, consumer markets remain under pressure, setting the stage for another year of market shifts in 2025.

EU Farm Output Prices Decline For The First Time In Nine Months

EU Market Adjustments Signal New Price Trends

Agricultural output prices across the European Union declined in the fourth quarter of 2025, marking a shift after several quarters of increases. Data from Eurostat shows that farm gate prices fell by 1.9% compared with the same period in 2024.

Crisis of Declining Prices In Select Markets

Cyprus recorded one of the more notable decreases in agricultural input costs among EU member states, with prices falling by 2.6% compared with Q4 2024. The reduction eased cost pressures for the local agricultural sector following periods of higher prices earlier in 2025. Across the EU, prices for goods and services consumed in agriculture remained relatively stable. Non-investment inputs such as energy, fertilisers and feedingstuffs showed limited overall changes during the quarter.

Country-Specific Divergence In Price Movements

Eurostat data highlights considerable variation across member states. Fifteen EU countries recorded declines in agricultural output prices. Belgium registered the largest decrease at 12.9%, followed by Lithuania (8.2%) and Germany (6.0%). At the same time, twelve countries reported increases in output prices. Ireland recorded the strongest rise at 6.8%, followed by Slovenia (5.6%) and Malta (4.2%).

Stability In Agricultural Inputs Amid Commodity Shifts

Agricultural input prices also showed mixed developments. Eleven member states recorded declines, including Cyprus (2.6%), Belgium (2.1%) and Sweden (2.0%). Other countries experienced moderate increases, including Lithuania (4.2%), Ireland (3.3%) and Romania (2.5%). Among major agricultural commodities, milk prices declined by 4.1% while cereal prices fell by 8.9% across the EU. In contrast, fertilisers and soil improvers increased by 7.9%, reflecting continued volatility in input markets.

Outlook For EU Agriculture

The latest Eurostat data points to uneven price developments across the EU agricultural sector. While input prices remained broadly stable in many markets, movements in output prices varied significantly between member states. These trends highlight the need for farmers and policymakers to adapt to shifting commodity prices and changing cost structures across the European agricultural market.

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