The World Gold Council’s Gold Demand Trends report is out, and it shows good news for physical gold.
This was the third successive quarter of growth and the highest level since the fourth quarter of 2016.
Here’s the chart:
And some highlights:
- Global gold ETF holdings fell by $9.5 billion, with Western markets driving outflows as US rates rose sharply and the US dollar strengthened.
- Jewellery demand demonstrated a strong recovery from COVID-19 with a 52% increase y-o-y, but remained relatively weak on a historic basis.
- Global central bank gold reserves grew with Hungary and Turkey leading the charge.
Let’s wait and see if the demand for physical gold will keep growing in Q2 2021. 🤓