The demand for gold jewellery in the third quarter for the calendar year 2020, has been disastrous. Not only gold jewellery, it’s running across other gold products as well. The biggest reason for the fall in demand has been on account of the weakness caused by COVID. In the quarter ending Sept 30, 2020, gold jewellery demand across the globe fell 29 per cent, year-on-year to 333 tonnes. While China and India accounted for the largest volume declines, weakness was global. The big reasons for the fall in gold jewellery demand
Apart from covid, probably an equally bigger reason was the surge in gold prices, which led to demand for jewellery falling.
Louise Street, Market Intelligence at the World Gold Council, said: "The impact of COVID-19 is still being felt in the gold market across the world. The combination of continued social restrictions in many markets, the economic impact of […]
November 1, 2020 Published by StockMan