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Gold’s price no longer responds to a single demand driver. The data shows shifting elasticities across jewellery, investors, ETFs, and central banks, and these shifts reveal where price discovery is actually happening today. Part 1 maps the new drivers that now define the market.

Gold Demand, Elasticities, and Price Dynamics

I. Overview: Sectoral Differences and the Demand Puzzle

The relationship between gold demand and the price of gold is often treated as stable and intuitive, with jewellery consumption acting as the dominant and persistent anchor of physical demand. Since 2010, jewellery has consistently accounted for more than three hundred tonnes per quarter, followed by bars and coins. But…