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Poles sought safety in gold rather than deposits during pandemic

World

In the year 2020, fraught with COVID-19 pandemic uncertainties, Poles purchased nearly two times more investment gold than in 2019, the Rzeczpospolita daily reported as cited by local news portal Polandin.com.

As the newspaper established, low-interest rates and a general pandemic-induced uncertainty on the market pushed consumers towards investments in gold, which many times before turned out to be par for the course when crises affected the global economy.

"Always considered as a stable and safe deposit, over the summer gold broke the price records during summer following the global outbreak of the interest in such an investment," the daily reported, stressing that the gold boom is far from over. "According to our estimations, the demand for gold over 2020 was around 9.3 tonnes," Michał Tekliński, international markets director at Goldenmark Group told Rzeczpospolita. "The most popular products remain one-ounce coins and ingots, as well as smaller i ngots, weighing 1,2 or 5 grams".

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