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“Chinese gold demand in 2013 was exceptional. Jewellery buyers and investors in bullion products took full advantage of the rapid and sizeable fall in local gold prices. They set the bar at a very high level – private sector demand for jewellery, investment and gold used in industrial applications hit a record 1,132 tonnes (t).

We expect 2014 to be a year of consolidation. The sudden price drop in 2013 meant some Chinese consumers brought forward jewellery and bar purchases, which may limit growth in demand in 2014. Expansion by the trade is also expected to slow, particularly in terms of additional manufacturing capacity. However, the lower domestic gold price should support purchases by consumers, especially of 24 carat jewellery. Over the medium term physical gold demand is likely to see further growth driven by a number of factors, including…”

“Her stockpile of gold earrings, rings, necklaces, and hairpins is lavish but also reflects the centrality of gold in an Indian woman’s life. It’s given for pregnancies; at births; when a baby first eats solid food. It’s engrained in the cultural lexicon.”