According to the World Gold Council’s Report released recently, the following are the highlights of the Gold Demand Trends for Q2 and H1 2020.
Inflows into gold ETFs accelerated in Q2, taking H1 inflows to a record breaking 734 tonnes (t). First half inflows surpassed the 2009 annual record of 646t and lifted global holdings to 3,621t. The US dollar gold price gained 17% in H1, following a 10% increase during Q2. The gold price reached record highs in numerous currencies, including euros, sterling, rupee and renminbi among others.
Investment in gold bars and coins slowed sharply in H1 2020, down by 17% to 396.7t – an 11 year low. Steep declines in demand across Asia outstripped growth in the West as investors’ reactions to the pandemic diverged across the globe.
H1 jewellery demand almost halved to 572t amid the global disruption caused by COVID-19. The impact of the pandemic was unsparing and Q2 demand fell to an unprecedented 251t.
Central banks bought 233t of gold during H1, 39% below 2019’s record level. Buying has become more concentrated, with fewer banks adding to reserves so far in 2020.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
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