The World Gold Council (WGC) noted in its latest Gold Demand Trends update that in 2021 Chinas gold jewellery demand reached 675 tonnes (t), a 63% y-o-y jump and 6% higher than 2019. Demand was primarily supported by economic recovery from 2020 and a relatively stable gold price during the year. The surging popularity of Heritage gold jewellery items1 and increasing adoption of the per-gram pricing method also contributed. In addition, we believe pent-up wedding gold jewellery demand from 2020 also supported Chinas gold jewellery demand growth in 2021. A relatively stable gold price and seasonal factors – Chinese consumers tend to buy gold products ahead of the Chinese New Year Festival – were main drivers of the 24% y-o-y growth in the fourth quarter.
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