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Gold registers the lowest demand of 11 years at global level; India's Gold demand dips 42% in 2020: WGC
For representational purpose
Due to COVID-19 pandemic, Gold registered the lowest demand for 11 years at the global level. As per the data released by World Gold Council, Demand for jewellery recorded all-time low as per available records.
Due to COVID-19 pandemic, Gold registered the lowest demand for 11 years at the global level. As per the data released by World Gold Council, Demand for jewellery recorded all-time low as per available records. It has decreased by 34 per cent at the global level and 42 per cent in India. As per reports, around 3,759 tons of gold sold all over the world in the year 2020.
After 2009, first-time gold demand has registered lower than 4,000 tonnes at the global level. World Gold Council in its report gold demand 2020 said, the global gold market was ravaged by COVID-19 disruption throughout the year, while record-high prices were a mixed blessing.
Indian consumer registered demand for 446 tonnes of gold in the year 2020. It is down by 35 per cent as compared to the demand for the year 2019, where Indian consumers requested 690 tonnes of gold.
As per available records, 2020 marked a record low of 1,411 tonnes for gold jewellery demand. Indian consumer registered demand for 315 tonnes of gold jewellery which is 42 per cent lower than the previous year where jewellery demand was544 tonnes.
Country gold import decreased by 52 per cent in the year 2020. In 2019, India imported 827tonnes of gold while in 2020 only 394 tonnes of gold were imported.
At a global level, demand for gold as an instrument for investment increased by 40 per cent to 1,773 tonnes. Annual inflows into gold ETFs reached a record 877 tonnes in the year 2020. But in India, demand for gold bar and coins decreased by 11 per cent to 130 tonnes in last year compared to 2019.
