Weekly Markets Monitor - No release
Last week, US-Iran tensions intensified and broadened, pushing oil prices and inflation fears higher. In the US, stronger-than-expected August inflation raised investor expectations of a Fed rate hike. Meanwhile, the ECB raised rates, Eurozone growth was revised higher, and UK economic activity exceeded expectations. In China, exports strengthened and inflation firmed, while the government announced a major recapitalization of eight banks and insurers. In Japan, wage growth accelerated.
Global demand drives record holdings
Global physically backed gold ETFs attracted US$18bn in August, marking the second-largest monthly inflow on record. Demand was driven primarily by North American- and European-listed funds, helping lift global gold ETF AUM by 16% to US$615bn while holdings rose 121t to a record 4,189t.
Weekly Markets Monitor - Treasury tribalism
Stronger-than-expected US economic data dominated the week, reviving rate-hike expectations, while escalating US-Iran tensions and fresh sanctions added to geopolitical risks. US labour market and business activity data remained robust, Europe saw a rise in inflation and weaker retail sales, China's manufacturing sector remained under pressure, Japan's services sector stayed resilient despite weak consumption, and India's Q2 GDP growth of 7.8% y/y exceeded expectations.
Unearthed: Inside the Refinery ft Dr Robin Kolvenbach, Argor-Heraeus
In this episode of Unearthed, hosts John Reade and Joe Cavatoni are joined by Dr. Robin Kolvenbach, CEO of Argor-Heraeus a major precious metals refining company located in Mendrisio, Switzerland. Together they unpack the drivers behind the refining industry, often the least understood link in the gold value chain.
Weekly Markets Monitor - Danger zone
Last week, markets were driven by geopolitical tensions and policy surprises. The expiry of the US-Iran ceasefire and threats of economic and military retaliation heightened geopolitical uncertainty, while the US Treasury's surprise announcement of bond buyback increases added to volatility.
Record gold prices outpace rising mining costs in Q1’26
Global average gold producer All-In Sustaining Costs (AISC) rose by 5% q/q and 16% y/y to US$1,785/oz in Q1’26. Rising costs have become a persistent feature of the industry, with the quarter marking the 28th consecutive year-on-year increase in AISC.
India gold market update: Recovery taking shape
India's gold market showed signs of strengthening, supported by recovering jewellery demand, steady investment demand, increased futures trading activity, and a rebound in imports. These developments point to improving conditions ahead of the festive season.
Gold Market Primer: Market size and structure
Gold is an attractive means of helping investors diversify their portfolios. Its relative scarcity supports its long-term investment appeal. But its market size is large enough to make it relevant for a wide variety of investors, from individuals to institutions and central banks.
