Gold
Beyond its monetary mystique, gold’s ductility and corrosion resistance embed it in electronics, dentistry and medical devices. Jewellery still absorbs ~45 % of demand, while central-bank purchases above 1,000 t for a third straight year underpin a price hovering near record highs. In electronics, AI accelerator chips and advanced packaging keep ultra-thin gold wire and RDL plating relevant, even as mainstream bonding wire migrates to copper.
Supply Dynamics
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China, Australia and Russia remain top miners; geopolitical premiums widen marginal-cost spread.
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Recycled scrap supplies ≈28 % of metal, rising when price exceeds US$2,000 oz.
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Permitting delays and CAPEX inflation limit greenfield output, supporting long-run floor price.
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ESG standards (IRMA, WGC Responsible Gold) increasingly required by institutional buyers.
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Blockchain traceability trials aim to de-risk conflict-gold inflows into the legitimate supply chain.
Demand Dynamics
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Central-bank buying provides a relatively price-inelastic 1 kt annual floor.
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Jewellery demand in India & China follows GDP and currency swings.
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AI/advanced-node chips lift demand for gold interconnects despite Cu/Ag substitution elsewhere.
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ETF flows amplify macro sentiment, driving short-term volatility.
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Dental and medical alloys form a small but resilient, price-inflexible segment.