Unearthed: Gold price soars amid tariff concerns
In this episode of Unearthed, hosts Joe Cavatoni and John Reade from the World Gold Council share their expert views on the potential unintended impact of US tariffs on gold.
Europe sees largest inflow in years
Gold ETFs kicked 2025 off with a strong start: all regions saw inflows during January except North America. Europe dominated inflows, marking the strongest month since March 2022. Continued inflows and a record-breaking gold price sent total assets under management to US$294bn, another month-end peak.
Gold Demand Trends: Full Year 2024
Central bank buying – which topped 1,000t for the third year in a row – along with a return of Western ETF investment lifted gold demand to a record of 4,974t (US$382bn). The gold price reached multiple record highs during the year, which weighed on global jewellery consumption.
India gold market update: Gold outpaces other asset classes
Even with a price moderation in November and December, gold surpasses other key asset classes to lead returns in 2024. Jewellery demand slowed amid high prices and an inauspicious period on the Hindu calendar.
China's gold market update: Seasonal strength in December
China’s wholesale gold demand sees a seasonal rebound in December yet the 2024 total remains weaker than 2023. Meanwhile, gold ETFs experienced unprecedented inflows in 2024. And China’s official gold holdings have increased two months in a row now, ending the year with reported gold purchases of 44t.
Unearthed: Uncertainty Impacting the Gold Market in 2025
First positive December since 2019
Gold ETFs booked their first annual inflow in four years, and in December recorded US$778mn in inflows, due to increased demand in Asia and Europe. Global gold ETF inflows pushed total AUM to a record high US$271bn, while collective holdings fell slightly (-0.2%) in 2024.
India gold market update: Investment demand shines
Jewellery demand weakens post-Diwali, while investment demand for gold bars and coins remains strong. Indian gold ETFs maintain strong inflows, adding 14.5t year-to-date.
