Gold’s continued strength throughout the second quarter is evidence that more strategic investors find it beneficial to hold this asset in their portfolios, according to him.
According to the WGC study, China’s resurgent demand significantly influences the world gold market. China’s demand for bars and coins totalled 49.3 tonnes, up 32% from the previous year. Demand for bars and coins climbed globally by 6% to 277.5 tons.
The Middle East and Turkey saw substantial increases in demand for bars and coins during the second quarter, which mainly contributed to market-specific causes, according to a report by WGC analysts.
Over-the-counter (OTC) markets, which the WGC adds are more opaque and challenging to track, indicate the growing significance of physical gold. However, the report states that the WGC highlighted that the global demand for gold, excluding OTC, decreased to 921 tonnes, down 2% from the previous year. But when the scant information from OTC markets is considered, the demand for gold grew to 1,255 tonnes, up 7% from the second quarter of 2022.
The question remains: Where is all the Gold bullion?
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