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Gold registers lowest demand of 11 years at global level due to COVID

Due to COVID-19 pandemic, Gold registered the lowest demand for 11 years at global level.

Due to COVID-19 pandemic, Gold registered the lowest demand for 11 years at 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 global level and 42% in India. AIR Correspondent reports that in the year 2020, 3 thousand 759 tons of gold sold all over the world.

After 2009, first-time gold demand was registered lower than 4 thousand 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 % as compared to the demand for year 2019, where Indian consumers requested 690 tonnes of gold.

As per available records, 2020 marked a record low of 1 thousand 411 tonnes of gold jewellery demand. Indian consumer registered demand for 315 tonnes of gold jewellery which is 42% lower than the previous year where jewellery demand was544 tonnes.

Country gold import decreased by 52% in year 2020. In 2019, India imported 827 tonnes 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% to 1 thousand 773 tonnes.

Annual inflows into gold ETFs reached a record 877 tonnes in the year 2020. Butin India, demand for gold bar and coins decreased by 11% to 130 tonnes in last year compared to 2019.

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