Global gold demand held steady in volume terms at 1,249 tonnes in Q2, up 3% year-on-year, but in value it surged to a record-breaking US$132 billion. Prices averaged over US$3,280/oz, making this one of the strongest pricing environments on record. It begs the question every investor is asking: Should I buy gold now, or is the rally peaking?

Overall silver demand has increased substantially, growing at an estimated annual rate of 16-17%. Pre-2022, annual demand figures typically ranged from 900 to 1100 million ounces. In contrast, from 2022 to 2024, demand has consistently exceeded 1200 million ounces.