Weaker Asian jewelry buying weighs on gold demand in 2019

Analysts expect firm prices in 2020 amid fears over impact of coronavirus

Hong Kong-based jeweler Chow Tai Fook Jewellery Group reported its revenue for the six months ended last September fell 0.6% from the same period in 2018. © Reuters

RURIKA IMAHASHI and KIRAN SHARMA, Nikkei staff writers

February 12, 2020 12:21 JST

TOKYO/NEW DELHI -- Global gold demand slipped 1% to 4,356 tons in 2019 due to weaker appetite for jewelry in Asia amid economic uncertainty and higher prices.

Gold, known as a safe-haven asset, has become more expensive as buyers fret over U.S.- China trade friction and tensions in the Middle East. Gold futures in New York rose to $1,523 an ounce in December, compared with $1,284 in January 2019.