Asian demand for gold is set to double by 2030 and boost bullion prices to a record as investment and jewelry purchases climb, particularly in China and India, according to a Bloomberg article by Phoebe Sedgman. The buying will be spurred on by rising affluence in many Asian countries.
Demand in India and China, the world’s biggest buyers, is expected to “total 900 tons to 1,000 tons each this year and central banks will buy at least 400 tons”, according to the World Gold Council. Bullion demand may also expand as aging Asian investors boost holdings in defensive assets.
The yellow metal is trading near the lowest level since 2010. Last year it recorded its first back-to-back annual drop in 14 years the dollar strengthened and U.S. equities moved higher. Traditionally, these are the times to add to gold holdings, while prices are still low. Consider adding gold for your personal portfolios via our preferred broker, Golden Eagle Coins.