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Gold demand surged last year as retail investors flocked to the safe haven asset and consumers splashed out on jewellery.
Demand for the yellow metal recovered last year to reach over 4 000 tonnes, following on Covid-19-induced losses from 2020, the World Gold Council’s latest Gold Demand Trends Report found.
Demand for gold reached 1147 tons in the final three months of 2021 — and increase of almost 50 percent year-on-year, according to the report which was released on Friday.
The jewellery sector meanwhile rebounded strongly to pre-pandemic levels of 2 124 tons. Demand was particularly robust in the final quarter of the year, even as gold prices remained strong and likely a factor of pent up demand, especially in the Indian market.
For the twelfth consecutive year, central banks were net purchasers of gold, adding 463 tons to their holdings, which was 82 percent higher than 2020. “A diverse group of central banks from both emerging and developed markets added to their gold reserves, lifting the global total to a near 30-year high,” the Council said. — fin24.
Online Reporter