WGC: Gold Jewellery Demand Rebounded Strongly in Q2

SEATTLE (Scrap Monster): The Gold Demand Trends Report Q2 2021 published by the World Gold Council (WGC) suggests notable rebound in gold jewellery demand during the second quarter this year.

The quarterly demand stood at 390.7 tonnes, significantly higher by 60% from the demand during the corresponding quarter last year. The Q2 2020 demand had totalled only 244.5 tonnes. This is the second consecutive quarter of year-on-year growth in demand, driven mainly by global economic recovery and improved sentiments following the Covid-19 pandemic. The markets in China and the U.S. witnessed considerable growth in demand, WGC noted.

The Chinese gold jewellery demand during the initial six-month period of the year touched the highest level since 2015. The Chinese demand surged 62% over the year to 147 tonnes in Q2, whereas the H1 demand totalled 338 tonnes. The country reported continued growth in demand for heritage gold jewellery products.

India’s gold jewellery demand stood at 55.1 tonnes, considerably higher by 25% from 44 tonnes in the same quarter a year before. However, the demand plunged by 46%, compared with the prior quarter, on account of dampened market conditions resulting from second wave of the pandemic.

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