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Gold November 05, 2020 07:00:28 PM

Gold Jewellery Demand Plummeted 29%, as Prices Hit Historic Highs

Paul Ploumis
ScrapMonster Author
According to WGC, the global gold jewellery demand totalled 333 tonnes, significantly down by 29% over the same quarter a year before.

Gold Jewellery Demand Plummeted 29%, as Prices Hit Historic Highs

SEATTLE (Scrap Monster): The historical high gold prices have continued to keep global gold jewellery demand in doldrums during the third quarter of the current year, noted the Gold Demand Trends Q3 Report published by the World Gold Council (WGC). The demand registered its third lowest quarterly total.

According to WGC, the global gold jewellery demand totalled 333 tonnes, significantly down by 29% over the same quarter a year before. The demand had totalled 468.1 tonnes in Q3 ’19. However, demand recorded marked improvement from the prior quarter. Meantime, in value terms, the Q3 jewellery demand was worth $20.4 billion, down by 8% from the previous year.

The Q3 demand in China posted recovery, as the country continued to return to normality. The demand rebounded by 31% from the prior quarter to total 119.1 tonnes in Q3. But, demand was down by 25% year-on-year. The year-to-date demand in the country, at 271 tonnes, was down by 43% from the same period in 2019.

The Indian jewellery demand too remained well below 2019 levels. The demand, at 52.8 tonnes, was significantly lower by 48% year-on-year. Turkish demand saw 22% year-on-year decline. The regional jewellery demand in the Middle East was down by 27% during the quarter.     

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