The World Gold Council recently reported that millennials’ attitudes towards gold aren’t so different to those of older generations.

“Gold can resonate more deeply among younger consumers,” the report said. “But there are perceptual misgivings among the younger Gen Z audience, misgivings which are particularly pronounced in China's jewelry market. For example, 40% of 18-24 fashion buyers in China agree that gold can bring good luck compared to 88% for those aged between 55-65,” the report said.

“Technological innovation can create a route to new audiences,” the council advised.

The WGC report also touts that gold is a mainstream investing choice - the third most consistently bought investment, with 46% of global retail investors choosing gold products, which is just behind saving accounts (78%) and life insurance (54%).

“People have confidence in – and are loyal to – gold. More than two-thirds (67%) of all retail investors believe that gold is a good safeguard against both inflation and currency fluctuations, and 61% trust gold more than fiat currencies. The industry should build on that confidence, while staying alert to areas where it is weaker,” the report said.

In addition, the new research reveals that more than a third (38%) of retail investors and fashion enthusiasts have never bought gold in the past but are warm to the idea. This shows a huge potential for the gold market to grow if untapped sources of demand can be converted.

"The retail gold market is healthy, with gold being considered a mainstream choice. But what really excites me is the untapped part of the market: those people who have never bought gold but are warm to the idea of doing so in the future,” David Tait, Chief Executive Officer at the World Gold Council, said.

"Two issues need to be addressed to engage with these potential gold buyers: trust and awareness. This market can flourish if we can build trust across the broad spectrum of gold products being sold and raise awareness around the positive role gold can play in protecting people's wealth."

Gold, considered a safe store of value during economic and political uncertainties, has risen about 13% so far this year on concerns regarding the U.S.-China trade resolution and monetary policy easing by global central banks, Reuters reported.

Meanwhile, Agnico Eagle Mines Ltd. Chief Executive Officer Sean Boyd recently said he expects gold prices to continue to strengthen amid global economic uncertainty and deficit spending, and the metal may hit a record $2,000 an ounce in the next two to three years.

“Governments focus on running a deficit budget and spending; that loose money approach is good for gold,” Boyd said in a recent telephone interview, Bloomberg reported. “You continue to get good buyer demand from China, India and the biggest buying coming from the central banks since the early 1970s.”

The Toronto-based miner plans to increase dividends and strengthen its balance sheet with the extra cash flow generated from higher gold prices, while share buybacks aren’t something the company is considering at the moment.