Global gold jewelry demand fell by 6% last year to 2,107 tons, Report says, citing the World Gold Council (WGC).
In the fourth quarter, this indicator dropped by 10% to 584.5 tonnes from the fourth quarter of 2018.
WGC experts say the decline in demand for jewelry, including gold bullions, led to a decrease in demand for gold in October-December 2019. In the fourth quarter of 2019, demand for gold dropped by 19% to 1,045 tonnes compared to the previous year. Annual consumption fell by 11.4% to 825 tonnes.
In October-December 2019, the gold price was $1,481 an ounce, the highest average indicator since the first quarter of 2013. The gold price rallied to a six-year high in US dollar terms and hit record levels in a range of other currencies – euro, Indian rupee, and Turkish lira.
The level and fluctuation of gold prices are also expected to affect consumer demand in 2020.