Technology Sector Gold Demand Surged 9%

SEATTLE (Scrap Monster): The demand for gold in technology sector recorded 9% surge over the previous year to 83.8 tonnes during the third quarter of the current year, said the Gold Demand Trends Q3 2021 report published by the World Gold Council (WGC). The Q3 ’20 demand in the sector had totalled only 77.2 tonnes.

The report noted that the gold used in the electronics sector continued to recover during the quarter, mainly boosted by renewed demand for vehicles and high-end consumer electronic devices, following recovery from Covid-19-induced weakness. The industry currently faces some major structural changes, that may likely impact demand during the forthcoming quarters, it said.

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The memory sector recorded strong performance, boosted by healthy consumer electronics demand. The report cites potential headwinds in the form of fall in memory demand in laptop and PC devices due to slowdown in work from home mode. Furthermore, the technology advances in NAND chips will likely reduce the volume of gold required per chip, WGC report noted.

The PCB sector witnessed robust demand across each end-product segment, whereas the LED demand registered marginal fall. Meantime, the wireless sector recorded healthy demand.