A recent international report issued last week by the World Gold Council pointed out that there was a sharp year-on-year increase in gold jewellery demand in the first quarter of 2021 in Egypt as well as the rest of the world, due to the recent international economic recovery and fall in gold prices.
The report revealed that Egypt’s gold demand and consumption in the first three months of 2021 increased by 4% from the year-ago period to 7.1 tonnes compared with 6.9 tonnes in the first quarter of 2020.
In Q1 of 2021, total gold jewellery demand was up by 52% from a year ago to 477.4 tonnes, according to the World Gold Council’s latest report.
Total international demand for Q1 2020 increased by 34% to 201 thousand tonnes compared with 2.1 tonnes in 2019.
Egypt's demand for Gold bars jumped 20% from a year ago to 0.7tonnes in the 2021 first quarter, while the world’s demand for Gold bars and 1pound of Gold soared 36% to 339.5 compared with 250.5 tonnes in the first quarter of 2020.
On the other hand, the report said: “Central banks' demand decreased by 95.5 tonnes.”
Also in this regard, the report confirmed that the average gold price in Q1 2021 was up 13% from Q1 2020, with consumer demand boosted and increased by the opportunity to purchase gold at lower prices.
Meanwhile, the average value of gold increased by 13% from the year-ago period and amassed US$ 1794.
Contributed by Ahmed Emam
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