ANZ Report: Global Gold Demand Resilience Amid High Prices
ANZ Report: Global Gold Demand Resilience Amid High Prices
ANZ's report discusses the unexpected resilience of physical gold demand despite surging prices, citing steady global consumption at 3,057t in 2023. The report emphasizes China's 16% increase in gold consumption and India's sustained interest despite a slight decline, highlighting the challenges posed by high prices on further demand growth.
- Steady Global Consumption: Global gold demand stayed consistent at 3,057t in 2023, reflecting the decade's average.
- China's Strong Demand: China saw a 16% year-on-year rise in gold consumption to 959t in 2023, driven by pent-up demand and value preservation.
- India's Sustained Interest: India's gold consumption, close to pre-pandemic levels, despite a marginal decline, supported by a growing affluent population.
- Price Sensitivity and Demand Outlook: While physical demand remains resilient, sustained high prices may impede further growth, especially in key markets like China and India.
Conclusion: Despite challenges from high gold prices, physical demand remains robust, notably in major markets such as China and India. ANZ suggests that while this indicates gold's investment appeal, significant further demand growth may require pricing changes.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.