Q1 gold demand supported as COVID-19 fueled safe-haven investment – Saudi Gazette

Q1 gold demand supported as COVID-19 fueled safe-haven investment – Saudi Gazette

Holdings of gold-backed ETFs reached a record high of 3,185t by the end of Q1.Sharp investment inflows helped push the US dollar gold price to an eight-year high.. Demand in value terms reached $55bn - the highest since Q2 2013.. Louise Street, market intelligence at the World Gold Council (WGC), commented: "The COVID-19 pandemic has had a significant and unprecedented impact on global gold demand.. Consumer-focused sectors of the market have suffered drastically.. The key findings included in the Gold Demand Trends Q1 2020 report are as follows:“¢ Overall demand grew in Q1 by 1% year-on-year to 1,083.8t“¢ Total investment demand increased by 80% year-on-year to 539.6t“¢ Total consumer demand decreased by 28% from 791t in Q1 2019 to 567.4t in Q1“¢ Global jewelry demand fell by 39% to a record low of 325.8t“¢ Central banks net buying fell by 8% year-on-year to 145t“¢ Bar demand weakened to 150.4t, a year-on-year decline of 19%“¢ Demand in the technology sector fell 8% to a new low of 73.4t“¢ Total supply dropped by 4% year-on-year..