Gold Price Surges Past US$1,500/Ounce: What's the Demand for Precious Metals?

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Viva Budy Kusnandar 09/08/2019 16:18 WIB

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Global gold demand in 2018 increased by 4.7% to 4,396.8 tonnes compared to the previous year.

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Gold Price Surges Past US$1,500/Ounce: What's the Demand for Precious Metals?

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Global Gold Demand by Use (2010-2018)

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Gold prices on the global commodities market on Friday (9/8/2019) at 15:15 WIB were traded at US$ 1,513.6/troy ounce, up 0.27% from the previous day's close. Meanwhile, the gold price on the *logammulia* website is Rp 752,000/gram.

Gold remains one of the most popular types of jewelry worldwide. According to World Gold Council data, global gold demand in 2018 increased by 4.7% to 4,396.8 tons compared to the previous year.

(Read Databoks: Grasberg Freeport, the World's Second Largest Gold Mine)

As is known, the largest demand for gold is still for jewelry, reaching 2,242.3 tons or more than half of the world's gold consumption last year. Besides jewelry, gold has now also become an investment commodity. Demand for gold as an investment tool reached 1,164.4 tons or a quarter of gold demand. The rest is for technological needs and central bank reserves, as shown in the graph below.

Editor : Hari Widowati

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."