Demand for gold in the two main consumers – China and India – plummeted in 2016 on a combination of higher prices, increased regulation in India and lower appetite for gold jewellery in China. Looking forward, we expect overall demand to remain subdued this year. Indeed, we believe that Chinese demand appears to be going through a more structural slowdown while Indian consumers will take time to adjust to the new measures introduced by the government to clamp down on black money.
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