Gold demand plunges to 11-year low – World Gold Council

Gold demand plunges to 11-year low – World Gold Council

Demand for gold slipped by 10 percent from the beginning of the year and plunged to 892.3 tons in the period July-September, according to the WGC data. This is the lowest quarterly total since 2009, the report states, explaining the decline by the impact of the Covid-19 outbreak on investors and consumers.

Meanwhile, central banks have started to tap their gold stockpiles as governments are trying to offset the impact of the virus. Net sales, primarily driven by Uzbekistan and Turkey, amounted to 12 tons over the third quarter, marking the first such move since 2010, according to the WGC. The banks are still expected to resume gold buying before the end of the year, but at a slower pace than in 2018 and 2019. US dollar will continue to lose against ‘real money, which is gold’ – Peter Schiff “Uncertainty has been elevated by the pandemic, motivating many investors […]

About the author: StockMan
Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.
Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet