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Gold May 06, 2024 08:40:42 PM

Gold Demand in Q1 2024 Bolstered by Electronics Sector, Says WGC

Paul Ploumis
ScrapMonster Author
The demand from the wireless sector surged during the quarter, with several areas reporting strong growth.

Gold Demand in Q1 2024 Bolstered by Electronics Sector, Says WGC

SEATTLE (Scrap Monster): The recently published Gold Demand Trends Q1 2014 Report indicates robust demand for gold from technology sector.

The technology demand for gold rose by 10% over the previous year to 78.6 tonnes in Q1 this year. This was mainly driven by recovery in electronics sector. The gold demand from electronics sector surged higher by 13% year-on-year to 64.4 tonnes. The Other Industrial applications recorded marginal rise by 2%. Meantime, the demand from dental sector continued to decline by 5% during the quarter to 2.4 tonnes.

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The expected growth in AI-related devices and infrastructure contributed to the growth recovery in electronics sector. The demand from the wireless sector surged during the quarter, with several areas reporting strong growth.

According to WGC report, the gold used in LEDs saw tremendous growth in Q1 this year, mainly driven by automotive sector and displays/panels. The rebound in demand from LED sector is projected to last until at least H1 2024. Memory chips too reported steady growth in Q1 this year. However, the Printed Circuit Board (PCB) segment reported marginal fall in demand.

The 2% year-on-year growth by other industrial applications was mainly powered by post-Covid recovery in China, offsetting dip in demand in Italy and India. The ongoing structural losses resulted in continued decline of dental demand.

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