Gold registers lowest demand of 11 years at global level due to COVID

New Delhi. Due to COVID-19 pandemic, gold registered the lowest demand in 11 years at global level. As per the data released by World Gold Council, demand for jewellery recorded all-time low as per available records.

It decreased by 34% at global level and 42% in India. In the year 2020, 3 thousand 759 tons of gold sold all over the world. After 2009, first-time gold demand was registered lower than 4 thousand tonnes at the global level.

World Gold Council in its report gold demand 2020 said, The global gold market was ravaged by COVID-19 disruption throughout the year, while record-high prices were a mixed blessing.

Indian consumer registered demand for 446 tonnes of gold in year 2020. It is down by 35% as compared to the demand for year 2019, where Indian consumers requested 690 tonnes of gold.

As per available records, 2020 marked a record low of 1 thousand 411 tonnes for gold jewellery demand.

Indian consumer registered demand for 315 tonnes of gold jewellery which is 42% lower than the previous year where jewellery demand was 544 tonnes. Country gold import decreased by 52% in year 2020. In 2019, India imported 827 tonnes of gold while in 2020 only 394 tonnes of gold imported.

At a global level, demand for gold as an instrument for investment increased by 40% to 1 thousand 773 tonnes. Annual inflows into gold ETFs reached a record 877 tonnes in the year 2020. But in India, demand for gold bar and coins decreased by 11% to 130 tonnes in last year compared to 2019.