Major Characteristics:
- Gold is the world's oldest international currency.
- Gold is an important element of global monetary reserves.
- With regards to investment value, more than two-thirds of gold's total accumulated holdings is with central banks' reserves, private players, and held in the form of high-karat jewellery.
- Less than one-third of gold's total accumulated holdings are used as “commodity” for jewellery in the western markets and industry.
- China was the world's largest gold producer with 340.88 tonnes in 2010, followed by the United States and South Africa.
- Gold demand in 2010 reached a 10-year high of 3,812.2 tonnes
- In 2010, India was the world's largest gold consumer with an annual demand of 963 tonnes
- The total supply of gold coming onto the market in 2010 reached 4,108 tonnes, a rise of 2% from 2009 levels
- London is the world’s biggest clearing house
- Mumbai is under India's liberalised gold regime
- New York is the home of gold futures trading
- India is the largest market for gold jewellery in the world. 2010 was a record year for Indian jewellery demand; at 745.7 tonnes, annual demand was 13% above the previous peak in 1998. In local currency terms, Indian jewellery demand more than doubled in 2010.
- The rising price of gold, particularly in the latter half of 2010, created a 'virtuous circle' of higher price expectations among Indian consumers, which fuelled purchases, thereby further driving up local price.
- Above ground supply of gold from central bank's sale, reclaimed scrap, and official gold loans.
- Hedging interest of producers/miners.
- World macroeconomic factors such as the US Dollar and interest rate, and economic events.
- Commodity-specific events such as the construction of new production facilities or processes, unexpected mine or plant closures, or industry restructuring, all affect metal prices
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