Gold outperforms other assets with 26% returns in H1 2025
DEMAND DYNAMICS
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China is one of the largest consumers of gold
Consumers in China and India base buying decisions on local price of gold
Regional prices often deviate from the international price, reflecting local dynamics in those markets, experts said
Agencies
OUTLOOK
Second half is mixed
Falling interest rates and continued uncertainty would maintain investor appetite, particularly via gold ETFs and OTC transactions
Central bank demand likely to remain robust in 2025, moderating from its previous records
Demand likely to stay well above the pre-2022 average of 500-600 tonnes, the WGC report said
Elevated gold prices likely to continue to curb consumer demand & potentially encourage recycling
This would act as a dampener to gold performance
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