The Global Experts on Gold

China’s gold jewellery demand, in tonnage terms, has been weakening in recent years. But in the meantime, consumers’ total spending on gold jewellery has increased. To identify key trends and opportunities in the market, we partnered with a global research agency in 2024 to conduct a large-scale consumer research project in major gold markets, including China.

The growing role of alternatives in institutional portfolios reflects a search for better returns and diversification. But these benefits come with trade-offs—like illiquidity and lagged valuations. This paper shows how gold can play a valuable complementary role. Its liquidity, low correlation, and performance during market stress make it a useful shock absorber alongside less liquid assets.

Gold rose 26% in H1 2025, outpacing major asset classes. As we look forward, consensus expectations macroeconomic drivers suggest that gold main remain rangebound in H2 with the possibility of some upside.

Data on sectors of gold demand, supply, productions costs and futures market positioning

Benchmark gold prices, gold futures curves and local price premium/discount

Returns, volatility, correlations and trading volumes for gold, bonds, equities and other major asset classes

Data on central bank gold holdings, sales and purchases, as well as insights from annual surveys into central bank attitudes towards gold.