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Gold demand plunged to 11-year low in 2020 as virus upended trade: WGC

The pandemic also transformed the geography of the bullion trade, sucking gold from Asia, where most gold is sold as jewellery, to Europe and the United States, where investors are the dominant consumers.

January 28, 2021 / 12:13 PM IST
Gold

Gold

Global demand for gold fell to its lowest in 11 years in 2020 as the coronavirus upended the market, triggering huge stockpiling by investors but collapsing sales of jewellery and purchases by central banks, an industry report said on Thursday.

The pandemic also transformed the geography of the bullion trade, sucking gold from Asia, where most gold is sold as jewellery, to Europe and the United States, where investors are the dominant consumers.

It also pushed the value of gold up 25% in 2020, because investors have much more impact on prices than the jewellery market.

Global demand for gold fell to 3,759.6 tonnes last year, down 14% from 2019 and the first year below 4,000 tonnes since 2009, the World Gold Council (WGC) said in its latest quarterly report.