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Motilal Oswal Report
We analyzed the World Gold Council's quarterly demand trends for Q1 CY21. The key takeaways are:
Despite a sharp jump in consumer demand, global gold demand was down 23% YoY and flat sequentially at 815.7 tonne mainly due to outflows from gold Exchange Traded Funds.
Softening gold prices was the key reason for both trends.
Global jewelry demand was up 52.4% YoY to 477.4 tonne in Q1 CY21, led by India (up 38.8% YoY) and China (up 211.8% YoY).
These two countries together constitute 55-60% of global demand.
Global demand for bars and coins also saw a significant jump YoY (up 33.8%), but was lower QoQ (down 23.2%).
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