“…Gold (Au) is a rare, precious and versatile metal used in various applications ranging from the manufacture of jewellery, electronics (e.g., integrated circuits (ICs) and printed circuit boards (PCBs)), and green, clean and renewable energy technologies to finance and medicine ( Calderon et al., 2019 , 2020 ; Jeon et al., 2018a , Jeon et al., 2018b , Jeon et al., 2019 , Jeon et al., 2020a , Jeon et al., 2020b ; Phengsaart et al., 2018 , 2020 ). In 2019, the total global Au demand reached 4368.3 tonnes, 48.5% of which was attributed to jewellery manufacturing while the remainder was in investment (29.2%), technology applications (7.5%), and by Central Banks and other institutions (14.8%) ( World Gold Council, 2020a ).…”