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Global consumer demand for gold jewellery rose 52 per cent annually in the first quarter of 2021, marking a “strong improvement” as bullion prices dropped and economies around the world recover from the coronavirus pandemic, according to the World Gold Council.
Consumers bought 477.4 tonnes of gold during the period ending March 31, the trade body said in its latest Gold Demand Trends report on Thursday. The increase in consumer demand was buoyed by the decline in the gold price from the record highs seen in August 2020, the industry body said. There was a 10 per cent decrease in the gold price over the course of the first quarter which, paired with the global economic recovery, boosted the pro-cyclical elements of gold demand.
Central banks add 8 8 tonnes of gold to reserves in February
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Gold Slips To Over Seventh-Month Low As Rising Yields Dent Appeal
Silver eased 1.1% to $26.71 an ounce, after falling over 2.5% so far this week, its worst since mid-January.
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Gold prices fell to their lowest in more than seven months on Friday, on course for their worst week since the end of November, as rising U.S. Treasury yields eroded the non-yielding bullion s appeal.
Spot gold fell 0.4% to $1,769.03 per ounce by 0250 GMT, having touched its lowest since July 2 at $1,759.29 earlier in the session. Prices have declined 3% so far this week.
U.S. gold futures slipped 0.6% to $1,765.30. U.S. bond yields have been rallying quite strongly in the last week, and there s growing momentum that they can lift further as U.S. and global growth recovers more quickly as vaccines roll out, said Lachlan Shaw, National Australia Bank s head of commodity research.
BW Businessworld
Gold Eases As Dollar Rises, Still On Track For Best Week In Three
Spot gold dipped 0.3% to $1,820.73 per ounce by 0245 GMT. Prices were up 0.5% so far this week. U.S. gold futures slipped 0.3% to $1,821.10.
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Gold eased on Friday as the dollar and Treasury yields edged higher, but prices were on course for their best week in three as hopes of more U.S. stimulus underpinned the metal.
Spot gold dipped 0.3% to $1,820.73 per ounce by 0245 GMT. Prices were up 0.5% so far this week. U.S. gold futures slipped 0.3% to $1,821.10. The U.S. jobs numbers sort of talked some sense of inflation risk out of the market and that may have weighed on gold, said IG Market analyst Kyle Rodda.
Gold demand drops to 11-year-low in 2020
By: Times News Service
Photo used for illustrative purpose only
The COVID-19 pandemic, with its far-reaching effects, was the driving factor behind gold consumer demand weakness throughout 2020, leading to a 14 per cent decline in annual demand to 3,759.6 tonnes. Last year was the first sub-4,000 tonnes year since 2009 according to the World Gold Council’s latest Gold Demand Trends report.
Global gold demand dropped by 28 per cent y-o-y to 783.4t in Q4, making it the weakest quarter since the midst of the global financial crisis in Q2 2008.
Gold jewellery demand in Q4 fell 13 per cent y-o-y to 515.9t, resulting in a full-year total of 1,411.6t, 34 per cent lower than in 2019 and a new annual low for our data series. While demand improved steadily from the severely depleted Q2 total, the coronavirus continued to impact consumer behaviour.
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