2024 has been a year that's seen gold touch all-time highs. The yellow metal has been on a golden run despite the dollar strengthening following Donald Trump's victory in the recent US elections.
David Tait, CEO of the World Gold Council, attributes gold's resilience to the anticipated debt burden from Trump's policies, which could lead to inflation and steepen yield curves.
Tait said, "I do believe that the amount of debt that's going to be piled on the US economy and perhaps those of Europe and the rest of the world as well is the thing that really underlies the underlying strength of gold.
I think you are about to see a situation where the inflationary impact of anti-tariffs and that spending in the United States starts to draw the debt burden into sharp focus, which I think is only going to support gold, and I think that's the reason why it's clinging to the highs despite this pressure."
Tait believes gold could reach $3,000 an ounce by 2025, reflecting strong demand from major economies like Japan, China, and India.
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He predicts gold prices to continue rising, driven by central banks and geopolitical factors. Tait also highlights the importance of digitalisation in the gold market to attract new investors and improve transparency.
Chetanya Cotha, Executive Director at the C Krishna at Chetty Group, discussed the robust gold jewellery market in 2024, despite high gold prices. He noted that 4.8 million weddings generated ₹5 lakh crore across categories.
Talking about changing trends Cotha added, “I think customers who keep buying natural jewellery will always continue to buy natural jewellery, as it's a very good investment. The lab-grown is a younger audience who today can afford stuff on their own, and I think that has been a fantastic space, and we have been focusing on that area as well.”
For 2025, Cotha emphasised speed and efficiency in manufacturing to align with global fashion trends. He also highlighted the growing demand for men's jewellery and the launch of a new line, "Crash.Club," catering to various styles.
Cotha highlighted that men's jewellery has become a growing area of interest, with modern men placing greater emphasis on accessorising. Recognising the industry's limited options for men, efforts are being made to explore various alloys, metals, and styles to cater to this demand.
The focus extends to diamonds, gemstones, and even black diamonds, ensuring that the offerings align with evolving preferences in men's fashion.
For a full interview, watch the accompanying video