[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-563590-105":3,"detail-sidebar-cat-1-en-105":81,"doc-detail-563590-en":127},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","gold-rush-gold-20240411","Gold rush - Gold - 2024.04.11","","Gold prices have risen relentlessly since early March, reaching record all-time highs in US dollars. Strength is driven by resilient demand across central banks and official-sector buyers, jewellery consumption, and physical bars and coins, partially offsetting weaker gold ETF flows. In the near term, gold faces headwinds from higher opportunity costs, potential softening in jewellery and central-bank buying, and pressure from rising real yields. Over the medium term, the report sees supportive upside risks versus the USD 2,350 per troy ounce 12-month view, with improving ETF demand potential and strong derivatives activity.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/general/","General",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/gold-rush-gold-20240411/563590/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/gold-rush-gold-20240411/563590.png","ImageObject",442,249,{"name":42,"@type":43},"Himbo","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-29","2026-10-12",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",7,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"What has driven gold prices to reach new all-time highs since early March 2024?","Question",{"text":63,"@type":64},"Prices have moved higher on strong underlying demand from official sources, jewellery, and global futures markets, with investment demand in bars and coins remaining resilient despite ETF outflows.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"How do the report’s views differ between the short term and the medium term for gold?",{"text":68,"@type":64},"In the short term, gold may be vulnerable to weakening jewellery and central-bank demand and to higher opportunity costs. In the medium term, gold remains attractive with upside risks to the 12-month projection of USD 2,350 per troy ounce.",{"name":70,"@type":61,"acceptedAnswer":71},"What role could ETF demand play in future gold price direction?",{"text":72,"@type":64},"The report argues that ETF demand may remain constrained while bond yields are high, but an anticipated Fed easing cycle and other macro concerns could fuel a rebound, supporting gold prices.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},563590,1792093263,{"code":4,"msg":82,"data":83},"success",[84,89,94,99,104,109,114,119,124],{"id":85,"doc_module":22,"doc_module_name":25,"category_name":86,"show_sort_weight":87,"slug":88},11,"Presentations",90,"presentations",{"id":90,"doc_module":22,"doc_module_name":25,"category_name":91,"show_sort_weight":92,"slug":93},12,"Resumes",80,"resumes",{"id":95,"doc_module":22,"doc_module_name":25,"category_name":96,"show_sort_weight":97,"slug":98},14,"Invoices",70,"invoices",{"id":100,"doc_module":22,"doc_module_name":25,"category_name":101,"show_sort_weight":102,"slug":103},15,"Posters",60,"posters",{"id":105,"doc_module":22,"doc_module_name":25,"category_name":106,"show_sort_weight":107,"slug":108},16,"Social Media",50,"social-media",{"id":110,"doc_module":22,"doc_module_name":25,"category_name":111,"show_sort_weight":112,"slug":113},17,"Forms",40,"forms",{"id":115,"doc_module":22,"doc_module_name":25,"category_name":116,"show_sort_weight":117,"slug":118},18,"Letters",30,"letters",{"id":120,"doc_module":22,"doc_module_name":25,"category_name":121,"show_sort_weight":122,"slug":123},21,"Paper Templates",5,"papers-templates",{"id":125,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":4,"slug":126},158,"general-158",{"code":4,"msg":82,"data":128},{"doc_id":79,"user_id":129,"nickname":42,"user_avatar":130,"doc_module":22,"category_id":125,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":55,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":55,"language":136,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":12,"update_tm":140,"read_time":30},687197100911,"https://ap-avatar.wpscdn.com/avatar/a000239b6f1da00475?x-image-process=image/resize,m_fixed,w_180,h_180&k=1785132997149421697","PICTET WEALTH MANAGEMENT  \nPrecious metals: Gold  \nGold rush  \n11 APRIL 2024 , CIO OFFICE & MACRO RESEARCH  \nAUTHOR  \nLUC LUYET [ll uyet@pictet. com](ll uyet@pictet. com)  \nSUMMARY  \n• Gold prices have moved relentlessly higher since the start of March, reaching new all-time highs in US dollar.  \n• Higher gold prices have been supported by strong underlying demand for the yellow metal from various traditional sources as well as from global futures markets.  \n• In the short term, gold may be vulnerable to a deterioration in jewellery and central banks demand as well as high opportunity costs.  \n• In the medium term, we continue to see gold as attractive and there are upside risks to our current 12-month projection of USD2,350 per troy ounce.  \nHIGHER GOLD PRICES BOOSTED BY STRONG DEMAND  \nThe recent strong rise in gold prices highlights the underlying strong demand for gold. This demand is driven by a range offactors and is especially visible in Asia.  \nSince the application of Western sanctions on Russian FX reserves in early 2022, demand for gold from the official sector (central banks and other institutions such as sovereign wealth funds) has surged, suggesting a new demand equilibrium well above the previous one of roughly 500 tonnes per annum. Reported demand from China’s central bank, roughly 300 tonnes since March 2022, was twice that of the second-largest central bank buyer.  \nDespite high prices, jewellery demand for gold appears resilient, likely boosted by seasonal year-end effects in the west and the Lunar New Year in China. General pent-up demand in China after the lifting ofCovid restrictions at the end of 2022 may also still be in play.  \nInterestingly, investment demand has also been resilient despite strong outflows from gold ETFs. Demand for bars and coins was roughly unchanged in 2023 despite  \nFLASH NOTE  \nrising opportunity costs and was particularly visible in India and China. While a strong economy may have been a factor in boosting physical demand for gold among Indian investors, their counterparts in China may have turned to gold because of concerns over the value of the renminbi together with the poor performance of domestic assets, including real estate. Elevated domestic inflation likely explains why physical demand from Turkey has been strong in recent quarters.  \nOverall, the rise in official and jewellery demand as well as for gold bars and coins has more than compensated for the decline in ETF demand (see chart 1), which now accounts for a lower share of total gold demand than in the past. That said, as the marginal buyers and sellers of gold, swings in ETF demand combined with equally volatile derivatives demand remain very important for gold prices.  \nChart 1: Gold price and ETF gold demand   \n2'300  \n2'100  \n1'900  \n1'700  \n1'500  \n1'300  \n1'100  \n900  \n700  \n500  \n Gold (USD per troy ounce)  Total known ETF holdings of gold (as thousand troy ounce)  \n06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24  \n130'000  \n110'000  \n90'000  \n70'000  \n50'000  \n30'000  \n10'000  \nSource: Pictet Wealth Management, Bloomberg Finance L.P., as of 11.04.2024  \nA REBOUND IN ETF DEMAND COULD LEAD TO HIGHER GOLD PRICES  \nThe considerable opportunity costs of owning non-yielding gold at a time of high bond yields could remain a drag for ETF demand for gold.  \nThat said, an imminent Fed easing cycle, sticky US inflation or growing concerns over the US fiscal outlook could each fuel a rebound in ETF demand. The recordhigh gold price in nominal terms may also attract demand. Indeed, we have lately seen tentative signs of a stabilisation in ETF demand. This needs to be confirmed, but we remain of the view that ETF demand is likely to improve this year, providing support for gold prices.  \nContrary to ETFs, derivatives demand has been strong since last October (notably due to geopolitical tensions) and increased further in March—probably because US futures markets early in the month were still looking forward to F","cbCaiv4YMOCQqpfF","https://ap.wps.com/l/cbCaiv4YMOCQqpfF","pdf",361074,"English","# Summary\n## Higher gold prices boosted by strong demand\n## A rebound in ETF demand could lead to higher gold prices\n## Gold price looks overextended in the short term","[{\"question\":\"What has driven gold prices to reach new all-time highs since early March 2024?\",\"answer\":\"Prices have moved higher on strong underlying demand from official sources, jewellery, and global futures markets, with investment demand in bars and coins remaining resilient despite ETF outflows.\"},{\"question\":\"How do the report’s views differ between the short term and the medium term for gold?\",\"answer\":\"In the short term, gold may be vulnerable to weakening jewellery and central-bank demand and to higher opportunity costs. In the medium term, gold remains attractive with upside risks to the 12-month projection of USD 2,350 per troy ounce.\"},{\"question\":\"What role could ETF demand play in future gold price direction?\",\"answer\":\"The report argues that ETF demand may remain constrained while bond yields are high, but an anticipated Fed easing cycle and other macro concerns could fuel a rebound, supporting gold prices.\"}]","Gold rush - Gold - 2024.04.11 | PDF",1791836735]