This post was written with contributions from Diego Andrade and Maxwell Gold, CFA. Diego is a Senior Gold Strategist in the Global SPDR Business and Maxwell is the Head of Gold Strategy with State Street Global Advisors.
At first glance, it might seem that the COVID-19 pandemic had only a very limited impact on the global gold market in the first quarter of 2020. As the chart below shows, total demand was little changed, at 1,083.8 metric tons — actually 1% above Q1 2019. But this superficial similarity with prior periods masks some very real changes taking place within gold’s internal market dynamics — changes that look like they may increase in intensity as the rest of the year unfolds.