Gold demand decreased 1% in 2019 - WGC

Thursday, 30. January 2020 08:04

Global demand for gold declined by 1% in 2019, the World Gold Council announced on Thursday, saying demand stood at 4.4 trillion tonnes. The move was led by a drop of 10% in demand in the second half of the year, while customers were more interested in purchasing the precious metal in the first six months of 2019.

Demand in the last three months of the year fell 19% compared to the same period a year earlier as buyers were not as keen on jewelry purchases and physical bar demand. The WGC added that central banks were net buyers for the tenth year in a row, but stressed global gold reserves increased to the second highest annual total in 50 years. Additionally, the report added that China and India contributed most to the decline in demand.

Furthermore, the WGC noted that gold supply increased 2% to 4.7 tonnes as recycling contributed to the trend.

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