Q1 saw a strong resurgence in demand for gold jewellery, bars and coins; however, overall demand was down 13%. Outfows from ETFs accounted for the vast bulk of this decline; excluding these outfows overall demand grew year-on-year. India and China again served as the main engines of growth in jewellery and bar and coin demand, with both markets growing by at least 20%. Central bank demand exceeded 100 tonnes for the seventh consecutive quarter, slightly below the exceptional pace of purchases throughout. Technology demand contracted on further losses in bonding wire and erosion of dental demand.