World Gold Council Unveils Huge Opportunity for Gold Market Growth

SEATTLE (Scrap Monster): A recent survey conducted by the World Gold Council (WGC) has unveiled the huge opportunities for gold markets to grow in future.

The survey identified a large group of people who have not bought gold in the past, but are willing to consider buying it in future. This category of people accounted for almost 38% of all survey participants. Meantime, 45% of the respondents said that they have invested in gold in the past and would consider investing in the future also. However, 17% were found even unwilling to consider investing in gold.

According to WGC, the industry must do the needful to convert this potential demand by addressing to key concerns expressed by retail investors. The survey revealed that a good 28% were worried that the gold they buy would be fake. Also, 21% indicated concerns about the purity of the gold. Moreover, 14% of those surveyed noted that they do not have trust in the businesses selling gold.

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The report cited huge opportunities for development of retail investment market in countries such as Russia, as compared with mature gold markets like India and China. The growth opportunity for jewellery and luxury goods category is smaller in mature gold markets like India and China, than in the U.S., WGC noted.

The gold industry needs to focus on raising awareness on the benefits of gold investment among potential retail investors. The survey identified that nearly two-thirds were quite unfamiliar with gold as an asset as well as the available options to purchase gold. Most of them were unaware about the affordable options to purchase gold.