Given Gold’s perceived value as a hedge against inflation, the downward trend in global inflation since late 2022, along with recent equity rallies, would generally be seen as negative pressures on Gold prices. However, central bank purchases of Gold have exceeded 1000 tonnes a year in both 2022 and 2023 – led by China and Poland – while consumer demand in China has been strong (reflecting domestic economic uncertainty).

We forecast Gold prices to average $2,025 in 2024, up from around $1,942 in 2023.