China gold market update: Official holdings rose in July
China’s official gold reserves rose further in July, the ninth consecutive monthly purchase. Wholesale gold demand saw a modest m/m seasonal rise in July, yet they remained below the long-term average. Gold ETF flows flipped negative and gold futures’ volumes cooled.
Weekly Markets Monitor: Gold in the crosshairs
Last week saw new tariffs announced and higher tariffs take effect. Central banks in the UK and India made cautious, diverging policy moves.
US and Europe anchor July inflows
Global physically backed gold ETFs saw continued inflows, adding US$3.2bn in July, mainly from North America and Europe. Continued inflows and a higher gold price pushed global gold ETFs’ total AUM 1% higher to US$386bn whilst holdings rose by 23t to 3,639t.
US Gold Demand Trends Q2 2025
Weekly Markets Monitor: Policy bear not hibernating
Trade deals and tariffs, coupled with weak US labour market data, dominated sentiment last week, while both the Fed and Bank of Japan held rates steady as they monitor the impact of tariffs on prices.
Gold Demand Trends: Q2 2025
Weekly Markets Monitor: Art of the Deal
Last week, trade deals between the US and several countries dominated headlines, boosting optimism.
2025 Chinese gold jewellery consumer insights: Opportunities in the slowdown
China’s gold jewellery demand, in tonnage terms, has been weakening in recent years. But in the meantime, consumers’ total spending on gold jewellery has increased. To identify key trends and opportunities in the market, we partnered with a global research agency in 2024 to conduct a large-scale consumer research project in major gold markets, including China.
