By Ellsworth Dickson
While many people are wrapped up in the different and sometimes difficult changes in their lives due to the consequences of the COVID-19 pandemic, the virus has also caused changes in the gold market – some to be expected and some surprising.
According to a new report by the World Gold Council, demand for gold in Q3 2020 – 2,972 tonnes year to date – demand is 10% below the same period in 2019. Q3 demand was 892.3 tonnes – the lowest quarterly total since Q3 2009.
However, these figures don’t really tell the story.The WGC report notes that while jewellery demand improved from the dark days of the record Q2 low, the continued social restrictions, economic slowdown and a strong gold price dissuaded many potential buyers of jewellery; in other words, the perfect storm for not splurging on beautiful baubles. Gold demand for jewellery at 333 tonnes was […]
October 31, 2020 (updated October 31, 2020) Published by StockMan