Global gold demand is at an historic low, its lowest level since 2008. As shown in a new infographic from Kryptoszene.de, demand for gold amounted to 3,759 tons in 2020 amid the COVID-19 crisis. This represents a decrease of 14.1 percent compared to 2019. An even greater decline was prevented only by high demand from the financial industry.
The reduction in demand from the jewelry industry has been particularly sharp. While the sector needed 2,122 tons in 2019, in 2020 it needed only 1,411 tons of gold. Demand for the precious metal also fell slightly in the technology sector. However, the opposite development was evident in the case of financial investments.
ETFs and comparable products acquired 877 tons of gold in the whole of 2020, 120 percent more than in the previous year. Gold seems to be enjoying increasing popularity among investors and is living up to its reputation as a crisis currency.
The United States has the largest gold reserves in the world at 8
