The gold price fell by more than 11% in 2015 in dollar terms as the US currency strengthened across the board. However, more than 90% of physical demand coming from outside the US. For all these non-dollar investors, it is the local price – and not the US dollar price – that matters most. During 2015, the non-US dollar price of gold has held up even moving up in some currencies.

The gold market in emerging economies continues to expand, highlighting the crescent importance that this market will have on price discovery