You can see this encouraging sentiment in the chart below, as people inChinaandIndiahave a “particular positivity around longer-term expectations for the gold price,” according to the World Gold Council (WGC).
In May and July, the WGC asked 1,000 Indian and 1,000 Chinese consumers where they think the price of gold will be in five years. The two charts show the respondents’ answers in May, when the average price of gold was about $1,400, and again in July, when the average price of gold was $1,200 an ounce.
Overwhelmingly, consumers in India and China believe the price of gold will increase over the long-term.
What’s interesting is when you compare the responses between May to July, there’s an “extremely resilient sentiment around the future trajectory of gold,” says the WGC. In May, 62% assumed gold would increase; in July, the number increased to 66%.
The survey also shows that there are not too many gold bears in the East. Only 11% of those who responded in July think the price will decrease.