Demand for Gold is still strong in China, as imports doubled to 153t in January from the previous month. This makes us think the motivation behind investment in Gold may mitigate affordability issues due to the sharp rise in Gold prices. This could keep demand steady, but a significant increase will be unlikely.

India’s Gold consumption fell marginally in 2023, though remained near the pre-pandemic average of 750t. Structural Gold demand looks strong due to the increasingly affluent population, but the recent price rally could weigh on physical offtake. We estimate Gold consumption to remain steady at 750t in 2024.