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Gold demand drops to 11-year-low in 2020 on weak Q4
TIWN
Gold demand drops to 11-year-low in 2020 on weak Q4
PHOTO : TIWN

New Delhi, Jan 29 (TIWN) Global demand for gold plummeted 14 per cent in 2020 to an 11-year low of 3,759.6 tonne, showed the the World Gold Council's latest 'Gold Demand Trends' report.

It was the first time since 2009 that gold demand plunged below the 4,000 tonne mark.  The decline in annual demand is largely attributed to the 28 per cent year-on-year (YoY) fall to 783.4 tonne in the fourth quarter of 2020, making it the weakest quarter since the midst of the global financial crisis in Q2, 2008.  Gold jewellery demand in Q4 fell 13 per cent Y-o-Y to 515.9 tonne, resulting in a full-year total of 1,411.6 tonne, 34 per cent lower than in 2019 and a new annual low for WGC’s data series, said its statement.  While demand improved steadily from the severely depleted numbers in Q2, the coronavirus continued to impact consumer behaviour, it added.

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