UK gold jewellery demand hit by ongoing “Brexit chaos”

Global full-year gold jewellery demand remained steady over the last 12 months, but the UK is still suffering the consequences of ongoing “Brexit chaos”.

Over the last 12 months, global gold jewellery demand barely changed, reaching 2,200t, down just 1t on the previous year.

According to the World Gold Council, gains in China (3%), the US (4%) and Russia (9%) broadly offset sharp losses in the Middle East, where demand dropped 15% on 2017. Indian demand was stable at 598t, a drop of only 4t from the previous year. 

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European jewellery demand was down fractionally lower on an annual basis, down 1% to 73.4t.

Q4, however, was slow widely across the broad, with a year-on-year fourth quarter drop reversing the third quarters success.

In Europe, Q4 demand slipped 2% to 33.5t – the lowest Q4 in our data series – as consumers became more cautious.

The UK saw the biggest Q4 decline, with demand overshadowed by ongoing Brexit chaos.

Overall, gold demand in 2018 reached 4,345.1 tonnes (t), up from 4,159.9t in 2017 and in line with the five-year average of 4,347.5t.

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