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Gold demand in China to dip 10-15% in Q1 2020

17 february 2020

Demand for gold in China is expected to weaken in the first quarter of 2020 as the country’s consumption-led economy grapples with the coronavirus outbreak, according to World Gold Council’s (WGC) investment research director Juan Carlos Artigas. 

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Image credit: Stevebidmead (Pixabay)

Though the spread of the disease appears to be slowing down, especially outside of Hubei Province, where the virus first struck, China’s consumer demand will certainly dip in Q1 by at least 10 per cent to 15 per cent.
Data from WGC showed that Chinese jewellery demand is seasonal, with the first and fourth quarters being traditionally strong and the second quarter generally weak.
However, China’s gold market has evolved since SARS epidemic in 2003, with consumer demand accounting for 30 per cent globally in 2019 making it the largest gold market, from 8 per cent in 2003.
According to Artigas, ‘If the epidemic spreads further and continues to affect investor sentiment, global flight-to-quality flows, amidst concerns of a global deceleration, may have a more sustained (positive) impact on the gold price’.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished