Polina Devitt

Global gold demand including over-the-counter (OTC) trading rose by 1% to a record high of 4,974.5 metric tons in 2024 as investment increased, the World Gold Council (WGC) said on Wednesday, adding that central banks sped up buying in the fourth quarter.

Gold exports from Switzerland rose year on year in December as supplies to the United States soared to the highest since March 2022 and offset lower deliveries to top consumer China, Swiss customs data showed on Thursday.

London bullion market players are racing to borrow gold from central banks, which store bullion in London, following a surge in gold deliveries to the United States on speculation of potential import tariffs there, two sources familiar with the matter said.

The London Bullion Market Association has launched a digital database for gold bars to improve transparency in the precious metals market, expecting all LBMA-accredited refineries to come onboard in 2025.

Sigma Broking Limited will pay a penalty of 70,000 pounds ($86,000) for alleged breaches of the London Metal Exchange's clearing house rules, the LME said on Wednesday having reached an agreement with the brokerage.

Chinese conglomerate Xiamen C&D and Russia's Nornickel are in talks to create a joint venture in China to process Nornickel's copper raw material into metal, two sources with knowledge of the matter told Reuters.

A drop in gold prices this month has drawn in buyers of the metal who had been waiting for the market's lightning rally this year to subside, industry players and analysts said.

Global gold demand excluding over-the-counter (OTC) trading was steady year-on-year at 1,176.5 metric tons in the third quarter as higher investment activity offset reduced jewellery consumption, the World Gold Council (WGC) said on Wednesday.

Mining associations, whose members or participants include almost 100 companies, have launched a 60-day public consultation on a programme aimed at providing a consolidated standard for the sector's environment, social issues and governance (ESG).

Swiss gold exports fell in September to the lowest level since June owing to reduced shipments to India, customs data from the world's biggest bullion refining and transit hub showed on Thursday.