黄金需求趋势2020年第三季度.pdfVIP

29 October 2020 | Gold Demand Trends Q3 2020 Highlights Q3 gold demand 19% lower y-o-y Quarterly inflows of 272.5t took at 892 tonnes (t) global holdings of gold-backed ETFs (gold ETFs) to a new record of Strong growth in global investment demand for 3,880t. While the pace slowed a little from H1, sustained inflows throughout gold in Q3 partly offset weakness elsewhere as Q3 demonstrate the continued motivation of ETF investors to add to COVID-19 remained in the driving seat. their holdings. The US dollar gold price rose to a Demand for gold dropped to 892.3t in Q3 – its lowest quarterly total since Q3 2009 – record high of US$2,067.15/oz in as consumers and investors continued to battle the effects of the global pandemic. At early August. This was followed by 2,972.1t year-to-date (y-t-d) demand is 10% below the same period of 2019. Although a correction with the price closing the jewellery demand improved from the Q2 record low, the combination of continued quarter around US$1,900/oz. Record social restrictions, economic slowdown and a strong gold price proved onerous for high prices for gold were also seen many jewellery buyers: demand of 333t was 29% below an already relatively anaemic in various other currencies, among Q3 2019. By contrast, bar and coin demand strengthened, gaining 49% y-o-y to them the rupee, the yuan, the euro and sterling. 222.1t. Much of the growth was in official coins, due to continued strong safe-haven demand in Western markets and Turkey, where coins are the more preval