According to a new report issued by Standard Chartered Bank, the astronomical demand and consumption of gold by China and India compounded with the limited production of gold can “potentially drive the gold price to US #5,000/oz”.
Further, Standard Chartered additionally noted that with “just 1.8% of China’s foreign exchange reserves is in gold, and that if the country were to bring this proportion in line with the global average of 11%, it would have to buy 6,000 tonnes of gold, equivalent to more than two years of gold production.”
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