The demand for physical gold increased sharply in the spring season in India, China and other Asian countries, where the precious metal’s shine is appreciated the most, Nikkei reports, citing industry data.
Purchases of jewelry were also up in China, 2.6 times year-on-year in February, data showed. The beginning of last year saw demand in the world’s biggest gold consumer tumbling to multi-year lows, again due to the coronavirus crisis.
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Global demand for gold dropped to its lowest levels since 2009 in the third quarter of 2020, according to World Gold Counsil data, partly driven by dwindling demand in Asia. The pandemic has forced traditional buyers to postpone purchases and investors to ditch holdings, while lockdowns have hit the jewelry market. China and India have seen a drop in demand of 25% and 48% respectively in the first three quarters of 2020.
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