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.
Global demand for gold increased 1% annually to reach 1,083.8 tonnes in the first three tumultuous months of 2020, as worries over a world economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal.
Demand for gold declined by 1% in 2019, with China and India contributing most to the decline in demand, the World Gold Council (WGC) announced on Thursday (Jan.30), saying global demand stood at 4.4 trillion tonnes.
Gold inched up on Monday (Oct. 28), after a near 1% jump in the previous session, ahead of the US Federal Reserve's rate decision on Wednesday amid ongoing developments in the China-US trade negotiations.
Multiple drone attacks on key Saudi Arabian oil facilities over the weekend, have shaken up world markets.
Ray Dalio, founder of the world’s largest hedge fund by assets under management, says gold is poised to be a top investment, as the era of low interest rates and quantitative easing comes to an end.
Gold hit its highest since April last year on Friday (June 14), surpassing the key $1,350 level, as renewed trade tensions, underwhelming Chinese industrial output data and intensifying geopolitical concerns in the Middle East dented risk appetite.
In times of economic concerns, geopolitical tensions and trade disputes, the demand for safe-haven assets such as gold remains high.
In a time of extraordinary political volatility, something big is happening in the gold market and nowhere is that more apparent than in central banks.
Gold surged to its highest price in more than two months on Thursday as the selloff in shares spread worldwide, sending investors toward safe-haven assets.