COVID19 impact|Global gold demand hits 11-yr low of 3,759 tonnes: WGC

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Global gold demand hit an 11-year low in 2020 at 3,759.6 tonnes, mainly due to a weak October-December quarter and the COVID-19 related disruptions across the world driving a muted consumer sentiment throughout the year, the World Gold Council (WGC) said in a report.

  The overall consumer demand during 2019 was at 4,386.4 tonnes, while in 2009 the overall demand was at 3,385.8 tonnes, according the WGC’s 2020 Gold Demand Trends report. Global gold demand dropped by 28 per cent year-on-year (YoY) to 783.4 tonnes in the fourth quarter compared to 1,082.9 tonnes during the October-December period of 2019, the report stated.

The report further revealed that the global gold jewellery demand fell by 34 per cent to 1,411.6 tonnes in 2020, from 2,122.7 tonnes in 2019.

Gold jewellery demand in the fourth quarter of 2020 dipped by 13 per cent to 515.9 tonnes compared to 590.1 tonnes, resulting in a full-year total of 1,411.6 tonnes, which was 34 per cent lower than in 2019 at 2,122.7 tonnes.