2025 Chinese gold jewellery consumer insights: Opportunities in the slowdown
China’s gold jewellery demand, in tonnage terms, has been weakening in recent years. But in the meantime, consumers’ total spending on gold jewellery has increased. To identify key trends and opportunities in the market, we partnered with a global research agency in 2024 to conduct a large-scale consumer research project in major gold markets, including China.
June inflows boost H1 strength
A positive June pushed global physically backed gold ETFs’ inflows during the first half to US$38bn, the strongest semi-annual performance since H1 2020. Total AUM surged 41% to US$383bn, while holdings increased by 397t to 3,616t.
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.
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.
Gold: an HQLA in all but name
In recent months, amid trade policy uncertainty, financial markets experienced a decidedly volatile period marked by sharp declines in stock prices. Against this backdrop, gold showed itself to be a highly liquid and orderly market that mitigates market risk in a manner often associated with High-Quality Liquid Assets (HQLAs). During this period, gold’s volatility, bid-ask spreads, and trading volumes were equivalent to and, in some cases, better than intermediate and long-term US Treasuries.
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.
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.
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.
