12:55 24 March 2024
Central and Eastern Europe Saw a 42% y/y Decline in Gold Demand
Mennica Skarbowa, the largest dealer of investment gold and other precious metals in Poland, closed in 2023 with revenues 42 percent lower than in 2022. This result is consistent with the decline in gold demand recorded in this part of Europe (down 42 percent y/y). This results from banks raising the average interest rate on deposits, favorable savings products, and high inflation throughout the year. The high cost of living for Poles and Europeans meant a decrease in the number of free funds allocated for precious metal purchases and record-high gold prices encouraged primarily the resale of accumulated bars and coins.
(WBJ)
