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The third area of demand (1,273.4 tons) is investment demand, ranging from buying from gold-backed exchange-traded funds (ETFs; see Chapter 8) and from coins and bars sold (see Chapters 9 and 10). This area rose significantly in late 2019 due to gold’s price increase. Total buying rose to 401 tons, which nearly offset the decline in jewelry sales.

The reason cited for why ETFs and other investment sources increased their gold holdings was low/negative interest rates, and geopolitical uncertainty fueled this growth, while the gold price rally also attracted momentum-driven inflows. By the end of 2019, gold-backed ETFs were holding a record amount of physical gold at 2,885.5 tons.