Despite an alarming record low in jewellery demand and general demand levels, gold continues to be supported by a backdrop of inflationary pressures and potential interest rate cuts.
Historically low jewellery demand marks a sharp contrast to the past decade, with the second quarter of 2024 witnessing figures beneath levels observed since 2020, reflecting economic uncertainty.
The impending wedding season in India, a traditional gold-heavy occasion, alongside lower import duties, could positively influence gold demand in the latter half of the year.
Although oversupply poses challenges, with a substantial 300-tonne surplus in Q2, the resilient nature of gold amidst fluctuating market dynamics prompts cautious optimism about its future growth.
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