Investors are likely to hoard gold at a faster pace in 2021, keeping prices elevated amid reduced demand from Jewellers and central banks, Refinitiv Metals Research said, according to Reuters.
Key quotes/points
- Jewellery demand will fall 31% to 1,327 tonnes this year before rising 9% to 1,447 tonnes in 2021.
- Central bank purchases will plunge by half to 312 tonnes this year and recover slightly to 385 tonnes next year.
- Exchange-traded funds (ETFs), which store metal for investors, are seen stockpiling 1,205 tonnes this year, three times the amount in 2019, and another 1,362 tonnes in 2021, the most ever.
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