Consumer demand of gold may improve in 2021 on economic recovery of EMs

The year 2021 is likely to add to the shine of the gold as consumer demand which has largely been subdued amid the pandemic may rise on the back of economic recovery of the emerging markets, said a report by the World Gold Council (WGC).

The ‘Gold Outlook 2021’ said that the Indian gold market also appears to be on a stronger footing. Initial data from the Dhanteras celebrations in November suggest that while jewellery demand was still below average, it had significantly recovered from the lows.

Citing market surveys, the report said that most economists expect growth to recover in 2021 from its dismal performance during 2020.

It noted that although global economic growth is likely to remain anaemic relative to its full potential for some time, gold’s more stable price performance since mid-August may foster buying opportunities for consumers.

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