Annual demand for gold recovered in 2021, as prices declined while supplies fell to the lowest level in four years.
- Demand for gold climbed to 4,012 tons, driven by the 50% surge in the fourth quarter to reach the highest level in 10 quarters. Demand for the year rebounded from most of the losses related to COVID-19 in the previous year.
- The gold price fell by 4% during the year in terms of the US dollar. The average price for the year stood at $1,799 per ounce, marking a 2% increase from 2020, indicating a relatively steady holding.
- Supply for the year fell by 1% to 4,666 tons, reflecting the lowest level since 2017. Mine production increased by 2% from the previous year but was offset by an 11% decline in recycling.
Bar and coin demand in both the US and Germany posted year-on-year growth, with investors looking at inflationary pressures.
Gold is down 0.52%.
Source: Gold Hub
