Insights

In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss the latest gold market trends, reflecting on the U.S. election outcome, monetary policy, and China’s recent economic developments.

The local gold price’s unprecedent surge and amplified equity market volatilities helped Chinese gold ETFs attract their largest monthly inflow eve. China’s wholesale gold demand continued to exhibit seasonal patterns, witnessing a mild fall m/m yet remaining well below the long- term average. The stabilizing gold price, seasonality and positive impact from various stimulus may bode well for gold consumption in coming months.

Delaying our Gold Market Commentary until after the possibly volatility-inducing US election, we instead take stock of some interesting statistics regarding October's and the year-to-date stellar run-up in gold prices.

Central banks reported 40t of net buying in September via the IMF and other public data sources. Demand recovered during the month: monthly gross purchases of 48t were offset by gross sales of 8t.

In Q2’24, dare it be written, All-In Sustaining Costs (AISC) rose again, creeping up by 1% q/q, or a more substantial 6% y/y to US$1,388/oz.

China has recently announced aggressive stimuli to shore up consumer confidence and support growth. Based on our models we believe the potential improvement in GDP will benefit gold demand in China. However, gold investment appetite may face competition from other assets including equities and property as the economy recovers.

The surge in demand from the import duty cut was tempered by fresh record-high prices and an inauspicious period in September according to the Hindu calendar. Domestic gold prices are currently at a slight discount over landed cost1 amid normalising demand. However, signs of festive buying are beginning to emerge. With an addition of 54.7t y-t-d,2  the Reserve Bank of India’s (RBI) gold reserves have grown by 7%. Increased interest in Indian gold ETFs; inflow momentum remains strong. Gold imports see moderation in imports after August surge.

China’s wholesale gold demand rebounded seasonally in September, yet total gold withdrawals y-t-d remain weak compared to previous years. Chinese gold ETFs saw positive flows last month, pushing their y-t-d inflows to the highest ever, outpacing all other countries.

Our survey of more than 3,000 German retail investors confirms that gold is a valued investment with a bright future.

In this episode of "Unearthed," John and Joe discuss the recent U.S. Nonfarm Payrolls report and its impact on the gold market.

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.

Central banks reported net buying of 8t in August via the IMF and other public sources. Demand was the lowest reported figure since March 2024 with net buying activity coming from emerging markets.

Geopolitical risks have been elevated in recent years. And our analysis shows that spikes in geopolitical risk usually lead to equity market sell offs. While risk assets suffer during these periods, gold has delivered robust returns as an effective portfolio risk diversifier. And we believe gold can continue to benefit investors’ portfolios in today’s world as a geopolitical risk hedge and return enhancer following its stunning performance y-t-d.

In this special episode of "Unearthed", John Reade and Joe Cavatoni from the World Gold Council discuss the 50 basis point interest rate cut by the U.S. Federal Reserve and its impact on the gold market.

In this episode, hosts John Reade and Joe Cavatoni speak with Dr. Laura Fabris about the fascinating world of gold nanoparticles.

Domestic gold price tracks the upward trend in international prices. Consumer demand stabilises but maintains strength; festive season momentum key. Premium of domestic gold prices over landed cost shrinks. The Reserve Bank of India (RBI) has added 50t to its gold reserves so far this year. Streak of fund inflows into Indian gold ETFs continues, with highest monthly inflows on record in August. Gold imports hit a new high in August

In August, China’s wholesale gold demand saw a seasonal m/m bounce. But it remains well below the long-term average amid the record level gold price and economic uncertainties. Meanwhile, Chinese gold ETFs saw their first monthly outflow since November 2023.

Central banks have shown an ongoing commitment to accumulating gold in recent months. While the overall level of reported demand has cooled as the gold price has continued to rally to new record highs, it has nonetheless remained positive.

In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Marie Lemay, President and CEO, Royal Canadian Mint and Rob Sargent, Director Refinery Services, Royal Canadian Mint. Lemay discusses the role of the Royal Canadian Mint in the Canadian and broader gold industry and highlights several key initiatives and priorities for the Mint.

The reduction of gold’s import duty brought domestic gold prices lower 6% m/m, with y-t-d gains now at 10%. The lower import duty has also reportedly boosted consumer demand ahead of the festive season. In turn, strong demand pushed the domestic gold price to a premium relative to the landed price following five months of discounts. The Reserve Bank of India (RBI) continued with its consistent but measured approach to buying gold. Gold ETFs saw substantial inflows in July on the back of adjustments to the treatment of long-term capital gains. Gold imports also maintained their momentum in July.