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Global Gold demand likely to rise in 2016
According to GFMS Thomson Reuters' Gold Survey, gold prices are likely to rise above $1,200 per troy ounce in 2016, primarily on the back of higher demand from Asian countries. GFMS expects demand for gold in India to grow in 2016 in the wake of the rupee depreciating against the US dollar and a shift in future price expectations.
In 2015 overall gold demand declined by 2.1% year-on-years to 4,076 tons and gold jewellery demand fell by 3%. Overall gold supply decreased by 2.3% to 4,274 tons in 2015. Jewellery manufacture posted a two per cent yoy drop, on the back of disappointing demand in China and depreciating CNY. Demand was also down in the case of private investors by -2%.
As per the GFMS latest report, 'Global gold prices are set for a gradual recovery in 2016, particularly in the second half, driven largely by improving global fundamentals.'