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AAAU - Who Drives The Bus? U.K. Gold Import 996t In 2019
Goldman Sachs Physical Gold ETF
The UK net imported 996 tonnes in 2019, according to data published by Eurostat.
Contrary to what investors often assume, the price of gold is not determined by consumer demand such as jewelry or coins. What drives the gold price is institutional (supply and) demand. Because the most liquid gold spot market is in London, this is where the price is set.
In 2019, the UK net imported 996 tonnes, which was in line with the direction of the gold price. As usual. Over 2019, the US dollar gold price was up 18.9%.