![\"rapid-news-rapidnews-Gold-demand-shrinks-in-2020-on-virus-fallout-industry-dailyrapidnews\"](\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/rapid-news-rapidnews-Gold-demand-shrinks-in-2020-on-virus-fallout-industry-dailyrapidnews.jpg\")
<\/p>\nGold demand shrank 14 percent last year as the coronavirus pandemic sparked record falls in jewellery purchases and as strong investor interest sent prices to all-time highs, industry data showed Thursday.<\/p>\n
Overall demand for the precious metal hit the lowest level since the global financial crisis in 2009, at 3,759.6 tonnes, the World Gold Council (WGC) said in its annual report.<\/p>\n
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At the same time, gold prices hit record highs above $2,000 an ounce, with the commodity benefitting from its status as a haven investment in times of economic uncertainty.<\/p>\n
“Jewellery demand in 2020 dropped to its lowest annual level on record, decimated by the combination of the global pandemic — with its resultant market lockdowns — and record high gold prices at a time of economic slowdown,” the WGC said.<\/p>\n
Demand for gold jewellery slumped 34 percent to a record-low 1,411.6 tonnes from 2019.<\/p>\n
“In a tumultuous year for the gold market, investment was one of the notable positives,” the report added.<\/p>\n","protected":false},"excerpt":{"rendered":"
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