Gold demand soars

Global gold demand soared in the fourth quarter of 2021 as inflation rocketed, helping to recoup much of the drop triggered by the pandemic, industry data showed Friday.

Viewed as a haven investment in times of economic unrest, gold saw demand surge 50 per cent in the final three months of last year compared with the October-December period in 2020, the World Gold Council said in a report.

Overall last year,  "demand recouped much of the Covid-related losses sustained during 2020", the WGC said, adding that total physical purchases jumped 10 per cent to 4,021 tonnes.

Gold demand  "in the consumer-driven jewellery and technology sectors recovered throughout the year in line with economic growth and sentiment, while central bank buying also far outpaced that of 2020", the Council added.