Weekly Markets Monitor: Dire Straits
India's gold market update: Mixed demand
The June–July period typically marks the off-season for gold in India, particularly for jewellery. A recovery in demand is anticipated with the onset of the festive and auspicious buying season from mid-August.
Central Bank Gold Reserves Survey 2025
Our 2025 Central Bank Gold Reserves survey helps us shine a light on the continued importance of gold reserve management in these challenging times. This year set a new benchmark, drawing in 73 responses – the highest since our survey commenced eight years ago. This level of participation is a powerful signal of engagement with gold amongst the central banking community.
Weekly Markets Monitor: Safe haven elevated
The Israel-Iran attacks last week overshadowed progress in US-China trade talks and positive economic data. Adding to concerns, the World Bank has lowered global growth outlook for 2025.
China gold market update: Physical demand cools in May
The PBoC continued to add gold to its reserves while Chinese gold investment momentum cooled. And wholesale gold demand weakened m/m due mainly to seasonal impact on gold jewellery consumption and slowing bullion sales.
Unearthed: May Gold Market Trends – ETFs, Retail Divergence & Central Bank Demand
In this episode of Unearthed, hosts Joe Cavatoni and John Reade unpack the latest gold market trends from May, including ETF outflows and a split between institutional interest and softer retail demand in the US.
Weekly Markets Monitor: The big beautiful breakup
Last week, the US labor market showed some resilience; factory activity slowed in the US and China but improved in the Eurozone.
Momentum eases in May
Global gold ETF flows flipped negative in May (-US$1.8bn): North America (-US$1.5bn) and Asia (-US$489mn) led outflows while Europe witnessed inflows (+US$225mn). Global gold ETFs’ total AUM fell 1% to US$374bn amid the May outflow. Meanwhile, holdings lowered by 19t to 3,541t. Global gold market liquidity remained elevated despite a m/m fall.
