Q3 Gold Jewelry Demand Slips 3% in US
By Brecken Branstrator
brecken.branstrator@nationaljeweler.com
November 2, 2020
Gold jewelry demand was down 3 percent in the U.S. in the third quarter as the effects of the pandemic are ongoing. Seen here are a pair of 18-karat yellow gold hoops from Roberto Coin.
"London—The COVID-19 pandemic continues to have a negative effect, unsurprisingly, on gold jewelry demand.
According to the World Gold Council’s Gold Demand Trends report for Q3, demand lifted from its record low in the second half, but was still “in the doldrums,” hampered by the global economy and high gold prices.
According to Kitco, gold peaked at $2,067.15 per ounce in August before slowing down, averaging a per-ounce price of $1,900.27 in October. It started the year at $1,560.67 per ounce (average) in January.
Global jewelry demand was at 333 tons in the third quarter, registering its third-lowest quarterly total in WGC’s data going back to Q1 2001 and representing a 29 percent decrease over the same period last year.
Comparing in value terms is “less stark,” WGC said, noting Q3 jewelry demand was at $20.4 billion, only an 8 percent decrease year-over-year.
The lift it did have over the second quarter was due to most markets seeing at least some relaxation in the strictest lockdown measures, according to the report, with some also seeing a notable shift toward online shopping.
Meanwhile, gold jewelry demand year-to-date totaled just 904 tons, the lowest in the council’s data series “by some margin”—it’s a 30 percent decease compared with the same period in 2009, when demand was 1,292 tons.
WGC said though China and India were major contributors to the global weakness because of their significance to the market, weakness was universal, with “no bright spots of note.”
The U.S., however, ... "
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