Asia erupts as global momentum builds
Global physically backed gold ETFs saw strong inflows of US$8.6bn (92t) in March, bringing Q1 totals to US$21bn (226t)—the second strongest quarter on record. North America and Europe drove 83% of net inflows in the quarter. Boosted by rising gold prices and strong inflows, global AUM hit a record US$345bn, with holdings (3,445t) reaching their highest level since May 2023.
Weekly Markets Monitor: All hands on gold
Last week, markets absorbed strong US earnings and labor data, steady BoJ policy, weak Chinese factory activity, and stronger EU growth, reflecting mixed global momentum.
Gold Demand Trends: Q1 2025
A sharp upsurge in gold ETF investment, along with elevated bar and coin buying, drove total Q1 gold demand to 1,206t - its highest for a first quarter since 2016. Jewellery consumption was contrastingly weak as the gold price hit successive new record highs during the quarter.
Weekly Markets Monitor: And breathe...
Weekly Markets Monitor: The Easter gold surge
India gold market update: Rally and demand realignment
China’s gold market update: Investment boom continues in March
Another exceptional month for the gold price and trade tensions with the US led to continued boom in retail investment. Meanwhile, China’s official gold holdings rose five months in a row. And wholesale demand also picked up seasonally, resulting in an improving local gold premium.
