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Global gold demand slumps in H1 over COVID-19: report

Xinhua News,BEIJING
2020-08-02 23:21

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BEIJING, Aug. 2 (Xinhua) -- Global demand for gold in the first half of the year slumped due to the impact of the COVID-19 pandemic, said a report issued by the World Gold Council (WGC).

Global gold demand dropped 6 percent year on year in H1 to 2,076 tonnes, with demand for the second quarter down 11 percent year on year to 1,015.7 tonnes, data from the report showed.

The COVID-19 pandemic was the main influence on the gold market in Q2, curtailing consumer demand, the report said.

Flows into gold-backed exchange-trade funds during the January-June period, however, hit a record high of 734 tonnes as central banks and governments around the world cut rates and made massive liquidity injections to mitigate the impacts of the pandemic.

Central bank buying slid 39 percent year on year in H1 to 233 tonnes, while demand for gold used in technology shrank 13 percent year on year to 140 tonnes.

H1 jewelry demand plunged 46 percent from last year to 572 tonnes. Demand for bar and coin investment reported a 17-percent decline to 396.7 tonnes during the period.

Bucking the global downward trend, China's gold market has been recovering in Q2 as COVID-19 was effectively contained in the country, with demands for jewelry as well as bars and coins seeing rebounds from the first quarter, said Wang Lixin, WGC's managing director of China.
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