Gold jewellery demand takes a pounding

The latest trade data show sharp contractions in gold imports by major consumers China and India, suggesting that gold jewellery demand has taken a battering. Until signs emerge that the spread of COVID-19 is easing, we expect jewellery demand for gold to remain weak. However, strong safe-haven buying by investors should ensure that the price of gold rises in the near term.
Alexander Kozul-Wright Commodities Economist
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