Unearthed: Trust, Transparency, and Technology in the Gold Supply Chain with Dario Biedermann, aXedras
China gold market update: June concludes a divided H1
China’s wholesale gold demand rebounded in June, closing a relatively subdued H1 weighed down by weakness in the jewellery sector. Despite June’s loss, Chinese gold ETFs recorded robust inflows in H1. Retail investment demand for bars and coins also remained strong during the first half. Meanwhile, the PBoC extended its gold-buying streak to 20 months in June, reporting the largest gold purchase since October 2023 and lifting its holdings to 2,346t, representing 8% of total reserves.
Unearthed: Calm in the Gold Market & What to Watch in Q3
In this episode of Unearthed, hosts John Reade and Joe Cavatoni take stock of a gold market that has calmed after a more volatile first half of the year.
H1 flows remain positive
Global physically backed gold ETFs recorded sizeable outflows of US$8.9bn in June, led by North America, reducing H1 net inflows to US$8bn. Despite the June setback, Asia posted its strongest H1 on record, attracting US$12bn, while North America was the only region to see outflows during H1 (-US$7.7bn).
Weekly Markets Monitor - Nasty surprises
The past week saw US‑Iran tensions ease following peace talks, with shipping through the Strait of Hormuz resuming.
Unearthed: Central Banks, Gold and the Road Ahead
In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss the findings of the newly released Central Bank Gold Reserves Survey 2026 and examine the recent gold price.
India gold market update: Demand cools
India’s gold market cooled in May as higher duties, elevated domestic prices and seasonal softness weighed on demand. Physical buying softened across jewellery, bars and coins, while imports fell from the previous month. ETF investors booked profits after the price rally following the duty hike, resulting in record May outflows before inflows resumed in June; digital gold buying also slowed, though it remained above average.
China gold market update: Official buying accelerated in May
China’s official gold holdings saw a 10t rise in May, reaching 2,332t (9% of total reserves), the largest reported increase since December 2024. Yet wholesale gold demand fell notably, dented by both seasonal weakness in the jewellery sector and cooling investment momentum – monthly gold ETF flows turned negative for the first time since last August.
