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Reuters reported that according to Thomson Reuters GFMS, gold demand fell 2 percent in 2015, but should recover this year by 5 percent on the back of slower-than-expected US rate hikes. The firm also expects Chinese buying to stimulate demand.
Reuters reported that according to Thomson Reuters GFMS, gold demand fell 2 percent in 2015, but should recover this year by 5 percent on the back of slower-than-expected US rate hikes. The firm also expects Chinese buying to stimulate demand.
In terms of price, Thomson Reuters GFMS is calling for a recovery to over $1,200 per ounce by the end of the year; it sees gold averaging $1,164 for the year as a whole.
As quoted in the market news:
Jewellery fabrication, the largest single section of demand, fell 3 percent year-on-year, GFMS said in the latest update to its Gold Survey 2015 on Tuesday, while retail investment eased 2 percent and industrial fabrication fell by 4 percent.
Meanwhile, output from mines and recycling edged higher, though supply from hedging activity eased into negative territory.
“The final quarter of 2015 marked the sixth quarter of the past seven in which the gold market was in surplus, and tied to this backdrop it is unsurprising that the bear market continued,” GFMS said in the report.
However, there are reasons for being optimistic for the future, it added. Mine supply is set to keep falling after posting its largest quarterly decline since 2008 in the last quarter, while lower prices are expected to stimulate retail demand, and central bank buying will remain supportive.
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