LONDON, United Kingdom - The World Gold Council added, however, that total demand for gold dropped five percent in the first quarter year-on-year as it became too expensive for some.Gold, seen as a haven investment, has seen its price jump 13 percent since the start of 2024. It struck a record-peak at $2,431.52 per ounce on April 12.Prices hit new heights thanks to a number of factors, notably the prospect of cuts to US interest rates, even if they may be some time away.
"Historically, there's a strong relationship between the gold price and recycling, understandably when prices are going up, people will tend to sell their gold holdings or a portion of them to kind of lock in the higher price," he told AFP following release of the quarterly report.At the same time, he said "the macroeconomic and uncertainty in a number of markets caused people to actually hold to their gold".