Global gold demand dropped by 19% y-o-y
Q3 grew investment demand by 21% y-o-y Bar-coin investment jumped in Q3 by 49% y-o-y Recently World Gold Council said, “Strong growth in global investment demand for gold in Q3 partially offset weakness elsewhere as consumers battled the effects of Covid-19!” Global gold demand dropped by 19% y-o-y to 892t in Q3, as consumers continued to feel the impact of the Covid-19 pandemic. This was the lowest quarterly total since Q3 2009. The Year-to-date demand of 2,972.1t was 10% lower versus the same period in 2019, according to the World Gold Council’s latest Gold Demand Trends report. While overall demand declined, Q3 saw significant growth in investment demand which rose by 21% y-o-y. Investors globally bought 222.1t of gold bars and coins and an additional 272.5t through gold-backed ETFs. Year-to-date, gold ETFs have increased their holdings by a record 1,003.3t. However, the combination of continued social distancing restrictions in many markets, t...