Persistent economic uncertainty created robust physical demand for gold supporting prices at record levels during the second quarter, according to the latest research from the World Gold Council.
In its second quarter Gold Demand Trends, the WGC noted that gold prices saw a record average price of $1,976 an ounce, up 6% from the second quarter of 2022 and up 4% from the previous record high reported in the third quarter of 2020.
In an interview with Kitco News, Juan Carlos Artigas, head of research at the World Gold Council, said that the banking crisis in May, as several regional banks in the U.S. collapsed, created a significant risk event driving physical demand for bar and coins in North America. He added that general global uncertainty is supporting robust jewelry sales in key markets like China.
"The fact that gold has remained pretty robust throughout the second quarter is a sign that there are more strategic investors in all categories of the marketplace that continue to find it useful to have this asset in their portfolios," he said.
XAUUSD
BUY 1956 - 1958
TP1: 1962
TP2: 1970
SL: 1950
In its second quarter Gold Demand Trends, the WGC noted that gold prices saw a record average price of $1,976 an ounce, up 6% from the second quarter of 2022 and up 4% from the previous record high reported in the third quarter of 2020.
In an interview with Kitco News, Juan Carlos Artigas, head of research at the World Gold Council, said that the banking crisis in May, as several regional banks in the U.S. collapsed, created a significant risk event driving physical demand for bar and coins in North America. He added that general global uncertainty is supporting robust jewelry sales in key markets like China.
"The fact that gold has remained pretty robust throughout the second quarter is a sign that there are more strategic investors in all categories of the marketplace that continue to find it useful to have this asset in their portfolios," he said.
XAUUSD
BUY 1956 - 1958 TP1: 1962
TP2: 1970
SL: 1950
