(Bloomberg) -- Total gold demand hit a record last year and is expected to expand again in 2024 as the US Federal Reserve moves toward cutting interest rates, potentially aiding prices, according to the World Gold Council. The council sees a strong case for record buying by countries such as China and Poland, he said. The comprehensive demand figure includes bullion for investment, jewelry, coins, central-bank buying, exchange-traded funds and OTC activity. Annual demand growth in the OTC market hit 753% last year, the most since at least 2011, WGC data showed. The expected OTC spree, as well as central-bank buying, will provide a key counterweight to softness elsewhere, especially exchange-traded funds.

Source: Hindustan Times January 31, 2024 22:19 UTC