Gold Demand Trends of the 1Q report that published by World Gold Council. That report said, 2024 is set to produce a much stronger return for gold than we anticipated in our 2024 Gold Outlook, supported by continued EM central bank buying and retail investment even with the continued absence of visible physical Western investment.

The stellar run up in price in the recent weeks will likely prompt a rise in recycling supply and a fall in jewellery demand, although elevated geopolitical risk and the quasi-investment role of jewellery in some countries may limit the impact.

Mine supply is set to break new records on expansions in North America and low levels of hedging, as producer margins hover near record highs.

Talking about the fabrication, the 1Q report said, perhaps the most surprising feature of Q1 was the resilience of jewellery demand in the face of much higher prices. The price strength, however, came towards the end of the quarter, and is likely to feed through to some demand weakness in Q2.

China’s jewellery demand is expected to remain stable to slightly higher compare to 2023, on rising incomes and stable prices during the rest of 2024. Indian jewellery demand will continue to draw support from the strong economy, but high gold prices, and some election-related weakness are likely to weigh on demand.

Technology demand is set to produce some solid growth, particularly in the chip and automotive segments.