With gold being a vital component of many of today's electronic devices, we look at the growth of Artificial Intelligence as an important emerging area of demand.
Despite record-high prices Diwali gold demand was healthy, with strong sales driven by investment appeal. Indian gold ETFs continue to attract strong interest from investors, with October seeing the largest inflows on record. The Reserve Bank of India (RBI) has purchased 64t of gold to date this year, making it the second highest annual purchase on record. Uptick in gold imports in October.
The local gold price’s unprecedent surge and amplified equity market volatilities helped Chinese gold ETFs attract their largest monthly inflow eve. China’s wholesale gold demand continued to exhibit seasonal patterns, witnessing a mild fall m/m yet remaining well below the long- term average. The stabilizing gold price, seasonality and positive impact from various stimulus may bode well for gold consumption in coming months.
Delaying our Gold Market Commentary until after the possibly volatility-inducing US election, we instead take stock of some interesting statistics regarding October's and the year-to-date stellar run-up in gold prices.
