Gold
The oldest monetary asset and the deepest precious metals market. Modern demand is anchored by central bank buying, ETF flows, and jewelry, with price direction dominated by real interest rates and currency dynamics.
Demand Drivers
- Central bank reserve accumulation
- Investment demand (ETFs, bars, coins)
- Jewelry in India and China
- Real interest rate cycles
Key Facts
- Top producers
- China, Australia, Russia
- Above-ground stock
- ~210,000 tonnes
- Key price driver
- Real yields