The COVID-19 pandemic, with its far-reaching effects, was the driving factor behind gold consumer demand weakness throughout 2020, leading to a 14% decline in annual demand to 3,759.6t. Last year was the first sub-4,000t year since 2009 according to the World Gold Council’s latest Gold Demand Trends report. Global gold demand dropped by 28% 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% y-o-y to 515.9t, resulting in a full-year total of 1,411.6t, 34% lower than in 2019 and a new annual low for our data series. While ... (full story)