The document discusses gold demand trends in 2020. It notes that gold demand fell to an 11-year low of 3,759.6 tonnes due to the impacts of the COVID-19 pandemic, with the weakest quarter of demand since 2008. However, the price of gold increased by 25% over the year due to strong investment demand. Key highlights included record inflows into gold ETFs and a recovery in bar and coin investment in the second half of the year.