Demand for gold among affluent investors shows growth — HSBC

According to an HSBC study, demand for gold remains elevated among various investor categories, including central banks and affluent individuals.

Based on the company's survey of market participants, 41% of respondents aim to purchase physical bullion, while 28% are considering digital forms of investment in the precious metal.

Kitco data shows that currency investments in many countries have declined by approximately 40%, while interest in the yellow metal continues to grow.

Willem Sels, HSBC's Global Chief Investment Officer, believes diversification serves as an effective way to combat current market uncertainty. Moreover, these changes reflect new opportunities for affluent investors to access private markets.

During the first half of the year, investment demand in the gold market remained consistently high. Additionally, inflows into gold-backed exchange-traded funds (ETFs) showed the strongest growth since 2020.

In a separate company report dated July 1, commodity experts raised their gold price forecast to $3,215 per ounce by year-end. HSBC's 2026 forecast remains at the same level.