Gold Market Commentary: When the wells run dry
Looking back: A stronger euro and tariff fears edged gold to new highs once again in March. Looking ahead: fiscal and monetary support may be receding, and the timing isn’t great for risk assets given the liberation day turmoil. But gold could benefit further and despite a strong rally, fundamentals remain solid.
Global flows stay hot
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: Tariffs Spare no Land
Weekly Markets Monitor: Liberation Day & Stagflation
Weekly Markets Monitor: Gold claims US$3,000/oz
India gold market update: Investment appetite upheld
You asked, we answered: Gold hits $3,000 – What comes next?
Gold recently crossed US$3,000/oz intraday – a headline-worthy event, but the true significance for gold lies in the broader economic trends driving its rise.
China’s gold market update: Investment robust in February
China’s official gold holdings rose four months in a row, adding another 5t in February. And Chinese gold investors bought gold ETFs at a record pace in the month, pushing both AUM and holdings to unseen levels. However, gold jewellery demand weakness, amid seasonality and the rising gold price, weighed on total wholesale gold demand in the month.
