Summary: Falls in the gold price are not unexpected as US rate hike expectations firm. But physical demand for gold is strong as demand for jewellery in India rises and US retail investors buy coins and bars. Central banks are also accumulating gold, seeing it as a store of value as some countries print money.
Key take-out: Although the gold price is still falling, strong demand suggests a limit to how much lower gold can go.
Key beneficiaries: General investors. Category: Gold.