Why Indian and Chinese Demand Shapes the Gold Market
The gold price is heavily influenced by demand from India and China, the world's two largest consumers, whose cultural and economic factors create recurring patterns.
Gold Market
The gold price is heavily influenced by demand from India and China, the world's two largest consumers, whose cultural and economic factors create recurring patterns.
Chinese retail gold investment totalled 107 tonnes in Q2 2026, down from Q1's record but still the third-highest Q2 since 2010. When adjusted for a 29% rise in the local gold price, it set a new Q2 record.
Spot gold rose above $4,320 per troy ounce as China's central bank extended its official reserve accumulation to 21 consecutive months alongside rising investment demand.