India's Gold Market: Reform and growth

This compendium brings together a series of reports published over the last three years, giving unparalleled insight into the key factors that underpin India’s gold market, including the drivers of gold demand, the changing structure of the jewellery market, the new investment landscape, and the dynamics of gold supply.

Gold Outlook 2024

As we look forward to 2024, we explore three economic scenarios and their likely impact on gold. Historically, gold has had a flat performance during consensus-favoured ‘soft landings’; however, geopolitical risks, central bank buying and the spectre of a recession may provide additional support for gold.

Gold Market Commentary: Gold finishes October on a high

Gold prices started the month on the backfoot, having fallen below US$1,850/oz at the end of September. The events in Israel on 7 October set a rally in motion that took the US dollar price back up above US$2,000/oz by 27 October. The record-high monthly finish was mirrored in almost all other major currencies

Outflows accelerated in September

Physically-backed gold ETFs saw another monthly outflow, losing US$3bn, equivalent to a 59t reduction in holdings by the end of September. Total AUM settled at US$198bn, further impacted by a nearly 4% reduction in the gold price, while collective holdings dropped 2% to 3,282t. 

Gold Market Commentary: Q4 turbulence ahead

Gold lost 3.7% in September, with the bulk of the move occurring during the last three days of the month. We attribute gold’s challenging month to an extensive run up in bond yields alongside a stronger dollar. The sell off at the end of the month was also likely the result of a strong adverse reaction to US economic data, a fall in the Chinese local premium and a negative technical breach.

Investment update – The Case for Gold in DC Asset Allocations

The traditional Defined Contribution (DC) investment portfolio made up of equities and bonds has come under increasing pressure in the last 18 months. Faced with rising inflation volatility risks and a highly uncertain economic backdrop, could now be the time to reconsider traditional thinking? We believe investors would benefit from expanding their “safe havens” options by considering gold.