Reuters reports that according to the data from the World Gold Council (WGC), global demand for gold in the first quarter of 2021 was stuck near its lowest level since 2008 as heavy selling by investors in Europe and North America offset a revival of consumer buying in Asia.

Lockdowns to contain the pandemic simultaneously collapsed sales of gold jewellery, bars and coins in countries like China and India that are typically the biggest bullion buyers. This dynamic is now reversing as the global economy recovers, with investors unwinding some of their positions and consumers in Asia returning to the market.

Global demand amounted to 815.7 tonnes over January-March, up slightly from 813.7 tonnes in October-December last year but down 23% from the first quarter of 2020, the WGC said in its latest quarterly report.

Consumer demand in China, typically the biggest market, rebounded spectacularly to 286.4 tonnes, the most since the first quarter of 2017, the WGC said.