The global precious metals market will reach $403.1 billion by 2028 and be led by the gold sector, according to India-based consultancy firm Fortune Business Insights. This is up from 2021's $275 billion.
Gold will play a vital role in the growth of the precious metals market."The increasing investments in a commodity such as gold due to its low-risk factor compared to other investments such as equities, bonds, or real estate are fueling the market," Fortune Business Insights said."The perception of gold as a status symbol and safe haven for investment has significantly contributed to the growth of the market.
The report also highlighted jewelry demand as one of the key drivers."Increasing disposable incomes and changing lifestyle choices are a few of the factors driving the market. The demand for these metals is estimated to propel globally for jewelry, and investment applications as gold and silver are of prime importance in wedding ceremonies of Southeast Asian countries," the report said.
"The automotive industry is the major consumer of platinum and palladium, with primary application in the catalytic converter," the report said."Additionally, the growing awareness about environmental pollution and changing regulations regarding carbon emissions from vehicles will substantially boost the demand for metals of the platinum group for application in catalytic converters.
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