Gold Demand from Technology Sector Staged Rapid Recovery in 2021
Gold | 2022-02-02 11:42:57
The surge in demand was mainly driven by buoyant electronics sector.
By Paul Ploumis
SEATTLE (Scrap Monster): The full-year gold demand in technology sector staged rapid recovery in 2021, said the latest Gold Demand Trends Report published by the World Gold Council (WGC). The yearly demand totalled 330t in 2021, 9% higher from 302.8t recorded in 2020. All four quarters of the year reported year-on-year surge in demand.
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The surge in demand was mainly driven by buoyant electronics sector. The demand from the sector was up by 9% over the previous year tot total 272t in 2021. The gold used in electronics sector surged higher by 2% to 71t during Q4 last year. The ongoing recovery in automotive sector resulted in increased use of gold in LEDs. Also, steady performance across sectors resulted in strong printed circuit board (PCB) demand. The memory sector experienced steady growth through 2021. The wireless sector too recorded strong performance.
According to WGC report, the demand for gold used in other industrial applications staged recovery, rising by 12% year-on-year from 41.6t to 46.8t. India emerged as the primary contributor to the recovery in the other industrial and decorative segment. On the contrary, demand from dental sector continued its steady decline, falling by 4% to 11t in 2021.
