Gold Procurement Intelligence: Key Insights for Success
The gold category is anticipated to grow at a CAGR of 3.0% from 2023 to 2030. Gold prices ended at a marginally higher level in 2022, despite rising global interest rates, and fluctuation in the U.S. dollar. According to the World Gold Council report, the annual gold demand surged by 18% to reach 4,741t in 2022. Gold demand for investment purposes (excluding OTC) increased by 10% in 2022 and reached 1,107t. The demand for gold coins and bars increased by 2% to reach 1,217t in 2022. A strong rise in demand for gold in the Middle East, Turkey, and Europe offset a slowdown in China where demand was impacted negatively due to the pandemic factors throughout 2022. Technological advancements in gold mining are making the process cleaner, smarter, and more efficient. Digitization, electrification, and automation in mines are becoming common elements reshaping the process. Apart from the various ways in which technology has influenced the price of gold in the investment sector, there have als...