Gold bars
In an interview with Argaam, Naylor attributed this solid demand to institutional buying in the London Stock Exchange’s (LSE) over-the-counter (OTC) market and gold-backed exchange-traded funds (ETFs). 
This is besides the accelerated individual purchases of gold bars and coins — which remained strong despite rising prices, the top executive underlined.
Furthermore, central banks have played a key role in supporting this demand, as they continued to buy gold at an increased pace, although the rate of purchases slowed compared to the record levels seen in 2022, he noted.
Central banks currently account for about 20% of global gold demand, according to Naylor.
He also pointed out that jewelry demand declined in volume terms due to higher prices, albeit the total value of sales remained high. In this respect, investment demand has been the main driver of the gold market for quite some time.
Gold bars
In an interview with Argaam, Naylor attributed this solid demand to institutional buying in the London Stock Exchange’s (LSE) over-the-counter (OTC) market and gold-backed exchange-traded funds (ETFs).
This is besides the accelerated individual purchases of gold bars and coins — which remained strong despite rising prices, the top executive underlined.
Furthermore, central banks have played a key role in supporting this demand, as they continued to buy gold at an increased pace, although the rate of purchases slowed compared to the record levels seen in 2022, he noted.
Central banks currently account for about 20% of global gold demand, according to Naylor.
He also pointed out that jewelry demand declined in volume terms due to higher prices, albeit the total value of sales remained high. In this respect, investment demand has been the main driver of the gold market for quite some time.
