DBS Bank: The medium-term outlook for gold remains slightly more constructive

Golden Ten Data, July 8 — Sherilyn Chew, Multi-Asset Strategist at DBS Group Research, stated that the medium-term outlook for gold remains slightly more constructive. On one hand, Hong Kong's launch of its gold clearing infrastructure pilot has reinforced the broader theme of sustained Asian interest in gold, which should help deepen market accessibility across the region over time. On the other hand, in the context of de-dollarization discussions, the People's Bank of China is expected to continue increasing its gold holdings, underscoring ongoing demand from official sectors. Both factors provide support for the medium-term demand floor of gold.