Global jewellery demand down by 34% y-o-y
Global gold demand dropped by 28% y-o-y A weak fourth quarter sets the seal on 11-year low for annual gold demand The Covid-19 pandemic, with its far-reaching effects, was the driving factor behind gold consumer demand weakness throughout 2020, leading to a 14% decline in annual demand to 3,759.6t. Last year was the first sub-4,000t year since 2009 according to the World Gold Council’s latest Gold Demand Trends report. Global gold demand dropped by 28% y-o-y to 783.4t in Q4, making it the weakest quarter since the midst of the global financial crisis in Q2 2008. Gold jewellery demand in Q4 fell 13% y-o-y to 515.9t, resulting in a full-year total of 1,411.6t, 34% lower than in 2019 and a new annual low for our data series. While demand improved steadily from the severely depleted Q2 total, the coronavirus continued to impact consumer behaviour. Conversely, increased uncertainty and policy response to the pandemic supported annual investment demand, which increase