Gold market sees largest quarterly surplus since Q4 2005 – Thomson Reuters

Dhwani Mehta FXStreet

According to a latest report on gold, published by Thomson Reuters research, the global gold market stands at a surplus of 250 tonnes

Key findings from the report:

Falling mine production (822 tonnes, down 2.1%)

Healthy demand for physically-backed gold ETFs (over 100 tonnes for the third quarter in a row)

Is not enough to offset a surge in scrap supply and plummeting sales of jewellery in Asia

India & China saw jewellery consumption down 41% and 27% respectively year-on-year (despite an improvement in demand compared to the prior quarter)

The report says the gold price is unlikely to fall below $1,240

Next year the price is set to rally, averaging $1,420 an ounce

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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