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GLOBAL DEMAND FOR INVESTMENT GOLD JUMPED ALMOST 100% YEAR-ON-YEAR

Unlike stock, banknotes, or other assets, gold has managed to maintain its value through the years, preserving the investors’ wealth, especially in times of turmoil in the financial markets. Although many investors value the precious metal as an important portfolio asset, the economic downturn caused by the COVID-19 pandemic led to a surge in global demand for investment gold.

According to data presented by AksjeBloggen.com, the global demand for investment gold reached 582.9 metric tons in the second quarter of 2020, an almost 100% jump year-on-year.

 

Record Levels of Gold Investments in 2020

In 2016, the global gold demand amounted to 4,309 metric tons, revealed Statista and the World Gold Council data. By the end of 2019, this figure rose to 4,356 metric tons, and investment gold accounted for 30% of that amount. Worldwide gold jewelry demand volumes reached 2,118 metric tons last year. Central banks and technology followed with 648 and 326 metric tons, respectively.

However, statistics indicate the global demand for investment gold continued rising amid the COVID-19 outbreak, while the demand for gold used for technology and jewelry purposes dropped significantly.

In the second quarter of 2020, the global gold jewelry demand amounted to 251.5 metric tons, a 52% plunge year-on-year. Demands for gold used in technology dropped by 17% to 66.6 metric tons in the second quarter of the year. Central banks and other institutions bought 114.7 metric tons of gold in the second quarter of 2020, a 50% plunge year-on-year.

Statistics indicate the global demand for gold for investment purposes hit a record-breaking 1,152 metric tons in the first half of 2020, the highest figure so far.

 

The Price of Gold Jumped 25% in 2020

The average gold value tends to increase during a recession, making it an attractive investment in uncertain times. In January 2018, a troy ounce of gold cost $1,331.30, revealed the Statista and World Gold Council data. After a slight drop during the third and fourth quarter of that year, it stood at $1,320.07 in February 2019. By the end of the last year, the price of gold rose to $1,479.13.

The gold price continued rising amid the coronavirus outbreak reaching $1,732.22 in June, a 17% increase in six months. Statistics indicate the price of gold stood at $1,964.30 at the end of the last week, a 25% jump since January.

The full story can be read here: https://aksjebloggen.com/global-demand-for-investment-gold-jumped-almost-100-year-on-year/

 

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ONE IN FIVE INSURANCE CUSTOMERS SAW AN IMPROVEMENT IN CUSTOMER SERVICE OVER LOCKDOWN, RESEARCH SHOWS

SAS research reveals that insurers improved their customer experience during lockdown

 

One in five insurance customers noted an improvement in their customer experience over lockdown, according to research conducted by SAS, the leader in analytics. This far outweighed the 11% of customers who felt it had deteriorated over the same period.

This is positive news for insurers during such challenging times, with 59% of customers also saying that they would pay more to buy or use products and services from any company that provided them with a good customer experience over lockdown.

The improvement in customer experience also coincides with a rise in the number of digital customers. Since the pandemic started, the number of insurance customers using a digital service or app has grown by 10%. Three-fifths (60%) of new users plan to continue using these digital services moving forward.

However, while the number of digital users grew over lockdown, half of the insurance customer base has not yet chosen to move to digital insurance apps or services.

 

Paul Ridge, Head of Insurance at SAS UK & Ireland, said:

“It’s impressive that there was a net improvement in customer experience during lockdown, despite the challenges the industry was facing with a transition to remote working and increased claims for things like cancelled holidays. While many were forced to wait on customer help lines for long periods, part of the improvement may be explained by even a small (10%) increase in the number of digital users.

“However, it’s clear that a huge number of customers are still yet to make the move online. It’s vital that insurers provide the most accurate, timely and relevant offerings to customers, and this is best achieved by having additional insight into online customer journeys so they can understand them better. Using analytics and AI, insurers can seize this opportunity to digitalise their customer experience and offer a more personalised approach.”

Meanwhile, for insurers that fail to offer a consistently satisfactory customer experience, the price could be severe. A third (33%) of customers claimed that they would ditch a company after just one poor experience. This number jumps to 90% for between one and five poor examples of customer service.

 

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AVATRADE NOW SUPPORTING DEPOSITS VIA PAYPAL AND RAPID TRANSFER

AvaTrade continues to grow its customer offering by adding PayPal and Rapid Transfer to its supported payment methods.

AvaTrade’s customers will now be able to make secure payments through both PayPal and Rapid Transfer for FX and CFD trading transactions. In addition to the numerous payment options already available on AvaTrade’s platform, these latest offerings will make depositing and withdrawing funds easier than ever – offering two new fast, reliable service providers that are both secure and easy to use.

PayPal offers higher maximum transfer and withdrawal limits than most banks and enables FX traders to transfer funds in 56 currencies, while Rapid Transfer – which supports over 3,000 banks worldwide – enables customers to pay directly from their bank account without leaving the platform.

Dáire Ferguson, CEO at AvaTrade, comments: “We are delighted to now be offering our traders the option to make deposits via two new payment options – PayPal and Rapid Transfer. This highlights our dedication to creating a platform that is both safe and easy to navigate, and one that puts our users first. Customer satisfaction is a top priority for us, and, by streamlining the payment process, we are optimising their experience.”

The new services are the latest in a string of developments from the online trading broker, all aimed at improving the security and user-friendliness of its trading platforms. Recent initiatives in this vein include the launch of trading protection tool AvaProtectTM, which enables traders to completely protect an asset against losses for a pre-defined period, and copy trading solution AvaSocial, which give users the power to model their own strategies on some of the most successful traders on the platform.

 

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