Insights

Last week was a rollercoaster of highs and lows. Israel and Hamas agreed a peace plan, while USChina trade tensions re-escalated.

In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, unpack the latest macro trends and data influencing the gold market – from shifting investor sentiment and mixed US economic data, to renewed tariff tensions and policy unpredictability.

The last two decades of relaxed fiscal policies and shifts in the demand structure for treasuries have now put the US in a precarious position. Ongoing fiscal concerns will likely lead to bond market volatility, ultimately supporting the gold market as investors look for alternative safe-haven assets.

In this episode of Unearthed, hosts John Reade and Joseph Cavatoni are joined by Reinhard Cluse, Chief European Economist at UBS, to explore the shifting dynamics of Europe's economy and the potential outlook for the months and years ahead. Reinhard discusses the structural challenges Europe has faced over the past decade and how these will influence the upcoming year.

Trade tensions flared up again last week amid a mixed global economic backdrop, with activities in the US, China, and India showing signs of strength, while Europe and Japan lagged. China cut rates while the US House passed a bill to extend tax cuts and spend more.

Last week, markets absorbed strong US earnings and labor data, steady BoJ policy, weak Chinese factory activity, and stronger EU growth, reflecting mixed global momentum.

Last week, market volatility continued, but signs of easing trade tensions emerged. Concerns over the Fed’s independence also eased. But the IMF downgraded global and regional growth forecasts amid trade risks.

Tariff uncertainty continued to weigh on global markets last week. Weak US data and new chip export restrictions on China added to concerns. Growth worries drove ECB rate cuts while China’s economy showed resilience in Q1.

Another exceptional month for the gold price and trade tensions with the US led to continued boom in retail investment. Meanwhile, China’s official gold holdings rose five months in a row. And wholesale demand also picked up seasonally, resulting in an improving local gold premium.

Trade tensions steered sentiment last week. Trump's temporary tariff relief boosted optimism, but mixed economic data and lingering trade uncertainty kept volatility elevated.

Last week, the US rattled global markets with unexpectedly aggressive reciprocal tariffs, prompting swift retaliation from China and potential countermeasures from others. The aggressive moves raised fears of slower growth, higher inflation, and job losses, overshadowing otherwise positive economic data.

Markets focused on trade tensions last week, as a new 25% US auto import tariff and upcoming retaliatory tariffs weighed on sentiment. Stagflation worries added to the pressure.

Gold recently crossed US$3,000/oz intraday – a headline-worthy event, but the true significance for gold lies in the broader economic trends driving its rise.

China’s official gold holdings rose four months in a row, adding another 5t in February. And Chinese gold investors bought gold ETFs at a record pace in the month, pushing both AUM and holdings to unseen levels. However, gold jewellery demand weakness, amid seasonality and the rising gold price, weighed on total wholesale gold demand in the month.

In this episode of Unearthed, hosts Joe Cavatoni and John Reade kick off 2025 by discussing key trends likely to shape the gold market amid global uncertainty.

With gold being a vital component of many of today's electronic devices, we look at the growth of Artificial Intelligence as an important emerging area of demand.

In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Lorne Whitmore,  Managing Director Sales, Precious Metal Products and Services, Royal Canadian Mint, to discuss the comprehensive products and services that the Royal Canadian Mint provides across mining and refining, minting and vaulting.

The rapid rise in the gold price during March raised  several questions. One of these was whether central banks – whose demand has been posited as a key reason for the recent rally – would change their gold buying behaviour in response.

In this episode of "Unearthed," hosts Joe Cavatoni and John Reade speak with Randy Smallwood, President & CEO of Wheaton Precious Metals, discussing the innovative streaming business model that has significantly influenced the precious metals industry.

In this insightful episode hosted by John Reade and Joseph Cavatoni from the World Gold Council, guest Karim Chedid, Head of EMEA Investment Strategy for iShares and a Managing Director at BlackRock, discusses the current macroeconomic environment.