We believe that over the next six to twelve months:

• Financial market uncertainty and accommodative monetary policy will likely support gold investment demand
• Price momentum and positioning may fuel rallies and create pullbacks, as investors continuously reassess their expectations based on new information.
• Weaker economic growth may soften gold consumer demand near term, but structural economic reforms in India and China will likely support long-term demand

Source: Bloomberg, ICE Benchmark Administration, World Gold Council

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