The impact of climate change could trigger “safe-haven” demand for Gold, in the view of analysts at HSBC.
Climate change can have a similar impact on Gold as other geopolitical events
Climate change impacts are likely to bring economic, financial, political, and even social disruptions across the world, which could trigger ‘safe-haven’ demand for Gold.
While Gold mining is one of the most carbon-intensive mining activities, our precious metals analyst thinks its high value, the small quantity mined, and the circularity of Gold − 30% of annual supply is recycled, with a minimal carbon footprint − brings overall lifetime emissions below other metals, making its story more positive.
Source: https://www.fxstreet.com/news/the-impact-of-climate-change-could-trigger-safe-haven-demand-for-gold-hsbc-202310271401