As 2019 comes to an end and 2020 begins, we believe that:
- Financial and geopolitical uncertainty combined with low interest rates will likely continue supporting gold investment demand
- Net gold purchases by central banks will likely remain robust even if they are lower than the record highs seen in recent quarters
- Momentum and speculative positioning may keep gold price volatility high
- Gold price volatility and expectations of weaker economic growth may result in softer consumer demand near term
- But structural economic reforms in India and China will support demand in the long term.
Note: our comprehensive annual Outlook will be published by mid-January 2020.