Gold investment will remain well supported in 2021 whereas gold consumption should benefit from the nascent economic recovery, particularly in emerging markets, the World Gold Council (WGC) said on Thursday.

Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report. The report, titled 'Gold Outlook 2021- Economic recovery and low-interest rates set the tone', also said although global economic growth is likely to remain anaemic relative to its full potential for some time, gold's more stable price performance since mid-August may foster buying opportunities for consumers.

It said the economic recovery is likely to be realised in countries like China, which suffered heavy losses in early 2020, before the spread of the pandemic is controlled more effectively than in many western countries. However, with the global economy operating well below potential and gold prices at historically high levels, consumer demand may remain subdued in other regions, it added. World Gold Council Managing Director (India) Somasundaram P R said, "The year 2020 turned out to be unprecedented in the scale and degree of uncertainty.

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