Bloomberg reports that according to the World Gold Council, global gold demand is set to recover this year, after slumping to the lowest in more than a decade in 2020.

WGC said that with bullion prices climbing to an all-time high and pandemic lockdowns stifling consumption, demand for gold jewelry fell to the lowest on record last year. That decline was led by the key Indian and Chinese markets, which experienced historically weak sales.

Now China’s economic recovery is supporting a rebound in demand, said Louise Street, the WGC’s senior markets analyst.

The outlook partly depends on investment demand, which surged to a record last year as inflows into exchange-traded funds more than doubled.