Gold demand falls by 36% as Covid-19 spreads

27 July 2020 (Last Updated July 27th, 2020 13:27)

Financial analyst Refinitiv has published a report into gold in the second quarter of this year, which has revealed that amid the Covid-19 pandemic, demand for the precious metal has fallen to its lowest level since 2009.

The company’s figures show that physical gold demand fell to 677 tonnes in the second quarter of this year, a 36% decline, with the jewellery sector among the worst-hit, with global offtake falling by 53%. Refinitiv noted that demand has been “paralysed” due to the spread of the Covid-19 virus, with lockdown measures implemented across the world disrupting traditional markets and mineral exchanges.

Read more about the impacts of the pandemic on the global gold industry here.