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Global gold demand falls 1% in 2019
31-Jan-20   09:13 Hrs IST

Gold jumped yesterday as the World Health Organization declared the coronavirus outbreak a global health emergency. The US also confirmed its first human-to human transmission of the virus, which has killed 171 people in China and has spread to as many as 18 other countries. However, the broad demand concerns weighed on the metal. The commodity dropped in Asia and currently trades down 0.77% at $1571 per ounce.

Global Gold demand fell 1% in 2019 as a huge rise in investment flows into ETFs and similar products was matched by the price-driven slump in consumer demand, noted the World Gold Council (WGC), in the latest edition of its Gold Demand Trends. 2019 was broadly a year of two distinct halves: resilience/growth across most sectors in the first half of the year contrasted with widespread y-o-y declines in the second.

WGC noted that Global Gold demand in second half of 2019 was down 10% on the same period of 2018 as y-o-y losses in Q4 compounded those from Q3, notably in jewellery demand and retail bar and coin investment. Central bank demand also slowed in the second half – down 38% in contrast with H1’s 65% increase, WGC noted. The annual supply of gold increased 2% to 4,776.1 tonnes (t). This growth came purely from recycling and hedging, as mine production slipped 1% to 3,436.7t.

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