Heraeus – Precious Appraisal, Jan 2025

The report by Heraeus "Precious Appraisal" evaluates the current state and future trends of the precious metals market, with a focus on platinum and gold dynamics. Indian jewelers like Kaylan Jewellers and Titan have reported robust growth, driven by gold and studded categories. Despite the expansion of jewelry stores, platinum demand remains limited, needing a cultural shift to gain market share in India, where gold dominates. While India's platinum demand is expected to grow by 7% in 2025, it won't offset the global decline, especially with China's demand falling. The report highlights China's renewed central bank gold purchases, with Poland leading in 2024. Rising bond yields typically impact gold negatively, but inflation and geopolitical concerns continue to support its value as a safe-haven asset.