Physical demand for gold – consisting of jewelry, industrial uses, central-bank purchases and retail buying of bars and coins – fell by 26% year-on-year to 753 metric tons in the first quarter, the lowest level since 2009, as high prices led the drop in consumption, said Refinitiv Thursday.
Nevertheless, demand from professional investors for a safe haven picked up during the quarter, and the average gold price rose, with exchange-traded-product holdings jumping by 687% year-on-year to 300 tons, said GFMS team at Refinitiv.
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