Daily Gold Market Report

Projecting Silver’s Future
Industrial and Jewelry Sectors Lead Global Demand Growth by 2033

(USAGOLD – 1/10/2024) Gold and silver prices are steady in early trading Wednesday as investors await the December consumer price index report on Thursday and the December producer price index report on Friday. Gold is trading at $2029.32, down 32 cents. Silver is trading at $22.86, down 13 cents. The Oxford Economics report, “Fabrication Demand Drivers for Silver“, predicts significant growth in silver demand across industrial, jewelry, and silverware sectors by 2033. Industrial silver, particularly in electrical and electronics, is expected to grow by 46%, with major consumption in China. Jewelry sector output is forecasted to increase by 34%, with a market shift towards China from India. The silverware sector is projected to grow by 30%, mainly in India, though its global market share may decline.

The report emphasizes the importance of long-term demand forecasting for better-informed supply and resource allocation decisions in the silver industry. It also acknowledges challenges in forecasting, such as the possibility of technological changes in manufacturing processes that could alter silver usage. The overall analysis provides valuable insights for stakeholders in the silver industry, highlighting where and how demand for silver as an intermediate input is likely to evolve over the next decade.