Rising production costs. Decline in mining production and recycling supply.
Falling interest rates and dollar boost gold prices.
Renewed demand for bullion and coins. Return of ETF fund flows.

Key points

• Gold’s uptrend set to resume soon
• Towards a probable imbalance in the gold market
• Sharp rise in production costs
• Mine production expected to decline
• Decline in recycling supply
• Revival of jewelry demand
• Bullion investment driving demand
• Fall and recovery in central bank purchases
• Gold to benefit from falling interest rates and dollar
• Lower cost of carry

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