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Gold Demand Rebounds to Hit Highest Level in 2 Years

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The gold bar and coin demand soared higher by over 31% YoY to hit 1,180 tonnes, the highest level in eight years, according to a report by World Gold Council on Friday.

The strong Q4 gold demand upgraded the full-year demand by nearly 10%, making its highest levels in almost two years.

In 2021, the full-year gold demand stood at 4,021 tonnes. The demand for consumer-driven jewellery and technology bounce back throughout the year.

The jewellery consumer demand rose higher by 52% during the prior year to a total of 2,124 tonnes, largely driven by strong demand of 713 tonnes posted in Q4 in 2021.

The world central banks accumulated 463 tonnes of gold over the last year, lifting global central bank reserves to the highest position in almost three decades.

The notable exception was gold ETFs, which posted net yearly outflows in 2021. The global holdings in gold-backed ETFs dropped by 173 tonnes in 2021. XAU USD down -0.59%

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