Gold serves many masters — jewellery, technology, investment, central banks — and draws supply from mining, recycling and producer hedging. In 2020, the pandemic bent every one of those lines.
Demand: a 28% collapse
Q4 2020 demand fell a staggering 28% year over year — the lowest since 2009. Jewellery demand dropped 13%, technology 7%; bars and coins rose 10%, but not enough to offset lockdown economics.
Supply: the first fall since 2017
Total supply fell 4% as Covid restrictions hampered mines eager to cash in on soaring prices — the first supply decline in three years.
And yet: record prices
Demand fell harder than supply — textbook economics says prices should have fallen. Instead gold set record highs: investment fear-buying outweighed every other force.
2020’s lesson: gold’s price isn’t set by jewellery counters — it’s set by fear and money supply. When those surge, physics-defying charts follow.
Markets bend, gold endures — get a current offer built on live prices.
