Weekly Markets Monitor: Top of the morning
Last week was a busy period for central banks: the Fed cut as expected while the Bank of Canada, Reserve Bank of Australia, and Swiss National Bank held rates steady.
China gold market update: November demand feels the VAT reform
The recent VAT reform weighed on China’s gold jewellery demand in November, denting gold withdrawals from the Shanghai Gold Exchange despite robust investment buying. Gold ETFs in China continued to attract notable inflows in the month and the PBoC reported gold purchases 13 months in a row.
Unearthed: Wholesale Digital Gold ft. Allan Guild, Hilltop Walk Consulting
In this episode of Unearthed, hosts Joe Cavatoni and John Reade, Senior Market Strategists at the World Gold Council, are joined by Allan Guild, Director at Hilltop Walk Consulting and long-time partner to the World Gold Council.
Weekly Markets Monitor: The 2026 gold outlook
Last week highlighted sectoral divergence: services remained resilient while manufacturing struggled in major economies.
Asia takes the helm
Global physically backed gold ETFs saw inflows six months in a row, adding US$5.2bn in November. Asian investors (+US$3.2bn) bought the most whilst North America (+US$1.1bn) and Europe (US$978mn) also experienced positive flows. Persistent inflows and a rising gold price pushed global gold ETFs’ total AUM to another month-end peak of US$530bn, 5% higher m/m. Continued gold ETF buying also pushed their collective holdings to 3,932t, the highest month-end value on record.
Gold Outlook 2026: Push ahead or pull back
Gold has experienced a remarkable 2025, achieving over 50 all-time highs and returning more than 60% as of the end of November, driven by heightened risk, dollar weakness and price momentum.
Weekly Markets Monitor: Season to be tank-full
Last week’s data showed strains in the US, raising expectations of a December rate cut. In Europe, near-target inflation lowered expectations of an ECB cut while UK tax hikes weighed on growth forecasts.
