We have seen an interesting shift in gold demand from Q1 2019 to Q1 2020.
Due to the coronavirus crisis, jewelry demand dropped 39% y-o-y to a record low of 325.8 tons. This drop was counterbalanced by the surge of gold-backed ETFs demand from 42.9 tons to 298 tons.
Overall, the global gold demand for Q1 2020 only increased +1% y-o-y to reach 1,083.8 tons.
It's going to be essential to watch for Q2 if jewelry demand shoots back up with the reopening of the economy and if gold-backed ETFs demand remains strong...