You asked, we answered: The AI boom and gold
Gold is used for much more than creating jewellery and forming bars and coins; it is widely used in the technology sector, a relatively small but important component of demand that is often overlooked. In 2025, industrial demand for gold used in electronics, dentistry and other areas totalled 323t, virtually unchanged from 2024.
India gold market update: Cautious festive optimism
Gold prices surged in August before pulling back in September, while domestic market discounts widened. Although price volatility weighed on overall jewellery demand, wedding-related buying remained resilient and physical investment demand stayed steady. ETF and digital gold demand remained positive , gold futures trading hit a five-month high and imports moderated.
APAC Quarterly: Japan's inflation problem
Japan’s inflation remains sticky, with labour shortages and higher commodity prices likely to keep cost pressures elevated. Meanwhile, surging JGB yields are increasing local portfolio risks. Gold should remain relevant for local investors both as an inflation hedge and portfolio risk diversifier
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.
China gold market update: Official buying accelerated in August
In August, PBOC reported a 20t gold purchase, the strongest month since October 2023. Chinese gold ETFs registered healthy inflows during the month, helped by the improved gold price momentum. Gold withdrawals from the SGE fell m/m, largely due to cooling bullion investment and the ongoing gold jewellery sector weakness
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.
