Chinese demand for gold jewelry increased 32% from the previous year to total 157 tons in the third quarter of 2021.
Seattle (junk monster): The Gold Demand Trends Report for the third quarter of 2021 published by the World Gold Council (WGC) indicates a continued recovery in demand for jewelry during the third quarter of this year. However, demand has not yet regained its pre-Covid-19 levels.
Total global demand for jewelry during the third quarter was 442.6 tons in the third quarter of this year, a marked increase of 33% from 332.9 tons during the prior year quarter. Although western markets were also part of the recovery in demand, the main growth centers of China, India and countries in the Middle East region continued. Cumulative demand for gold jewelry in the first three quarters of the year was almost 50% higher than in the corresponding period of the previous year.
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Chinese demand for gold jewelry rose 32% year-on-year to total 157 tons in the third quarter of 2021. Heritage gold jewelry continued to gain popularity in the country. Demand to date has already exceeded the levels for the whole of 2020. The WGC shared a cautiously optimistic forecast on the demand for gold jewelry in the country in the coming months.
Strong demand, reviving economic activity and lower gold prices increased demand for gold jewelry in India by about 58% year-on-year to 96.2 tons. The demand for Turkish jewelry increased by 41% compared to the third quarter of last year. Markets across the Middle East region experienced year-on-year demand growth.