Global Gold market to grow at a moderate pace from 2015-19
Singapore (Jan 28) The global gold market will grow at a moderate pace during the 2015-19 period, according to the report by Technavio. In 2014, 165 million ounces of gold were produced globally. This is likely to increase to 200 million ounces by 2019, growing at a CAGR of 3.92%.
The price of gold has been rising over the last five years because the demand for the metal exceeds supply. The increase in demand for gold is due to shift from national banks offering gold to the banks that are purchasing gold, financial experts are progressively turning out to be more dynamic. Gold holders are dehedging their inventories, more gold is being converted into jewelry.
India, China, the US, and Turkey represent more than half of the demand from consumers. A different set of culture incentives and socio-economic drivers of the market are creating a range of factors that influence the global demand. Rapid financial and demographic changes are similarly expected to influence the demand.