Gold may be out of favor currently but strong buying by
central banks and emerging-market investors will underpin the metal's fortunes
going forward, says Coutts analyst Henry Lancaster. China is the most notable
area for new investment, he notes, with record first quarter retail gold
purchases in China of 255 metric tons. "Yet, Chinese ownership of gold per
capita still has a long way to rise to catch up to levels in developed
economies," he adds. Spot gold trades at $1,558.20 a troy ounce, +0.2% from
Wednesdays close but down 13% since its 2012 high in February.
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