Gold Demand in Technology Sector Bounced Back Robustly

SEATTLE (Scrap Monster): The Gold Demand Trends Q2 2021 report published by the World Gold Council (WGC) indicates ongoing recovery of gold demand in the technology sector from previous year lows.

The demand for gold in technology witnessed rapid recovery, rising sharply by 18% from the previous year quarter to touch 80 tonnes in Q2 this year. The overall demand had totalled 68.1 tonnes in Q2 last year. The technology demand for gold totalled 161 tonnes in the initial six-month period this year, fractionally higher from 160.6 tonnes in Jan-June ’20, said WGC report.

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The gold consumption by electronics sector rose 16% over the year to 66.3 tonnes in Q2 this year. The demand for gold increased from the Q2 2020 historic lows across all major electronics applications, despite challenges. The memory sector reported steady growth, rising by 2-4% over the year. The gold volumes used in production of LED, surged higher by 12-18% year-on-year across major markets. The wireless sector gold demand too reported modest growth by 5-8%.

The gold use by other industrial applications recorded 31% year-on-year growth, whereas dental demand rose by 12% to touch 2.9 tonnes during the second quarter of the year.