ANZ: Asian Gold Demand to Double by 2030

Bloomberg reported that according to Australia and New Zealand Banking Group Ltd. (ASX:ANZ), Asian gold demand is set to double by 2030 on the back of higher investment and jewelry demand.

As quoted in the market news:

Demand from retail and institutional investors will jump to almost 5,000 metric tons a year by 2030 from 2,500 tons, analysts including Warren Hogan and Victor Thianpiriya said in a report. Prices may rise to more than $2,000 an ounce by 2025 and to $2,400 by 2030, they said. The bank says it supplied more than 20 percent of China’s gold imports last year.

Hogan told the news outlet:

The bedrock, the anchor of our views of increasing demand for physical gold will come from rising incomes in Asia. Gold is going to have that investment role and it’s going to become more prominent.

Click here to read the full Bloomberg report.