COVID-19 Causes a Sharp Drop in Demand for Gold
Aug 12, 2020
Into the second quarter of the year, gold demand decreased by 11%, the lowest recording since 2009, with demand for the first half of the year down by 6% and jewelry sales falling. The main influence on its market being the Covid-19 pandemic as it has curtailed consumer demand and imposed travel restrictions, which made it harder to supply. Lockdown measures implemented across the world have disrupted mineral exchanges and traditional markets which in turn caused most businesses to grind to a halt or close to avoid losses and/or bankruptcy.
The global response by governments and central banks to the pandemic has included massive liquidity injections which charged record flows of 734 tonnes into gold exchange traded funds. This helped increase the price of gold, gaining 17% in dollar terms and reaching…
About MiningNewsWire
MiningNewsWire (MNW) is a specialized communications platform focused on developments and opportunities in the global resources sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled visibility, recognition and brand awareness. MNW is where news, content and information converge.
To receive SMS text alerts from MiningNewsWire, text “BigHole” to 21000 (U.S. Mobile Phones Only)
For more information, please visit https://www.MiningNewsWire.com
Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.MiningNewsWire.com/Disclaimer
MiningNewsWire
Los Angeles, California
www.MiningNewsWire.com
310.299.1717 Office
[email protected]
MiningNewsWire is part of the InvestorBrandNetwork.
More News
Binance Lost Over $6 Billion in Crypto Hack. Here’s What to Know.
Hackers made off with around $6 billion in digital currency in what could be the biggest crypto heist in history. Binance said it will cover the losses.
Soaring cost of Halloween treats spooks shoppers
The price of candy, especially chocolate, is up, and Halloween bargain hunters are searching for deals and ways to cut costs.
Binance’s $6.3 Billion Hack Is Just the Start of a Risky New Era
The largest cyber heist in history came as attackers increasingly use artificial intelligence and other advanced techniques to steal crypto and quickly launder the funds.
Crypto giant Binance attempting to recover $6.3bn stolen in hack linked to North Korea
The cyber-attack, which the company describes as complex, is believed to be the largest ever of its kind.
Binance Was Hacked. What Protections Exist for Crypto Customers?
After a $6.3 billion hack, the company said it was going to reimburse customers who had losses.
Tech Stocks See Worst Day Since June, Pressuring Broader Market
The Nasdaq and the S&P 500 had their worst day since June as investors worried about spending on A.I. infrastructure.
US tech stocks see sharp falls as AI spending nears $1tn
Shares in Intel continue to fall while the tech-heavy Nasdaq opens at its lowest level in more than two months.
Lawsuit Accuses Education Dept. of Throttling Debt Cancellation Through PSLF Program
Public servants on the brink of student debt forgiveness are facing setbacks and extensive delays. The American Federation of Teachers sued to help them.
The Tech Tumult Rocks Wall Street
Investors are growing nervous about the huge spending bills that tech giants are amassing to pay for their bets on artificial intelligence.
Why Kalshi Wants to Repeal a 1958 Law About Onions
A law enacted after a brazen scheme to rig onion prices in the 1950s puts the vegetable, as well as box office receipts, off-limits for prediction markets.
Binance Hack Sends Crypto Stocks Tumbling
The rout hit publicly traded crypto exchanges and fintech companies, as well as cryptocurrencies like Bitcoin.
Meta Settles Social Media Addiction Case, Avoiding Trial
The case, brought by an 18-year-old Mississippi woman and set for trial next week, was the fourth of nine bellwether personal injury lawsuits.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.