01-11-2021
Gold jewellery demand in Q3 2021 saw strong recovery year-on-year driven by economic upswing, with China, India and the Middle East being the powerhouses. Nevertheless, it remains below average pre-Covid levels, said World Gold Council (WGC) on a recent report.
The Q3 global demand for gold jewellery registered a 33-percent growth at 433 tonnes when compared to the same quarter in 2020. In terms of value, it marked a 25-percent up to US$25.5 billion. Although the lower average gold price offset the increase in volume, it was the highest value for jewellery demand for a third quarter in eight years.
When compared to the pre-pandemic levels, however, Q3 2021 demand was six percent below Q3 2019 and 12 percent below the five-year quarterly average due to the continued lockdown restrictions in Vietnam, Malaysia and Thailand, according to WGC.
Gold jewellery demand in China and India, the two dominant markets for gold jewellery, recorded 32 percent and 60 percent y-o-y growth respectively in Q3 2021.
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