A dip in gold prices is a buying opportunity - UBS
The World Gold Council released its long-awaited Q1 2024 Demand Trends report, which aligned with views that central banks have sustained their
“Overall, total demand is up 3% y/y to 1,238 metric tonnes , despite 114mt of outflows from total ETFs, predominately from Europe and the US. The reverse has been true for some Asian ETFs, which saw modest buying,” UBS strategists said in a report discussing the figures. Meanwhile, jewelry demand remained robust, and industrial demand saw a 10% year-over-year increase. Gold supply from mining and recycling also rose by 4% and 12% year-over-year, respectively.
However, they acknowledge that current price setbacks pose short-term risks, which could be exacerbated if robust US economic data leads to further delays in expected Federal Reserve rate cuts.
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