Weekly Markets Monitor - Light relief
Geopolitics remained in focus last week, with signs of de-escalation between the US and Iran, boosting market sentiment. Better-than-expected economic updates across the US, Europe and China, alongside upbeat Q1 US corporate earnings further supported global markets.
Unearthed: Central bank gold transactions and strategies
In this episode of Unearthed, hosts Joe Cavatoni and John Reade explore recent Central Bank activity in the gold market.
India gold market update: Mixed reading
Gold prices partly recovered in April after March’s sharp decline, with domestic discounts narrowing on import curbs and supply constraints. Listed jewellers saw strong Q1 growth, driven by wedding and discretionary demand, higher ticket sizes, and expansion. March ETF inflows were hit by redemptions, though participation rose. The Reserve Bank of India kept gold reserves steady, while imports fell to a nine-month low.
China gold market update: A seasonal demand rebound in March
A decline in March narrowed gold’s Q1 gain. Wholesale gold demand rebounded notably m/m supported by seasonality. Local gold ETFs saw continued inflows in March, pushing the Q1 demand to a record high. The PBoC’s gold purchasing streak extended to 17 months in March. And gold imports during the first two months of 2026 rose.
Weekly Markets Monitor - A high price to pay
Last week, the Middle East conflict continued to dominate market sentiment. Economic data signaled price pressures and slowing activity.
Eastern inflows counterbalance Western outflows
Global physically backed gold ETFs saw a sharp reversal in March, recording record outflows of US$12bn, which halved Q1 inflows to US$12bn. Heavy selling was concentrated in North America, while European flows softened as the gold price fell mid‑month.
Weekly Markets Monitor - 21 tonne salute
In a holiday-shortened and geo-politically volatile week, economic data came in stronger than expected—US jobs, manufacturing, retail sales, and confidence all beat forecasts. China showed improving economic momentum and India’s manufacturing output rose. At the same time, in the Eurozone, price pressures from the surge in energy costs are emerging.
Weekly Markets Monitor - Conflict pressure mounts
Geopolitics and rising energy prices dominated markets last week, raising stagflation concerns. Early signs of fallout from the Middle East conflict are emerging, with softer PMIs across several economies. In the US, consumer sentiment weakened as inflation expectations rose. UK inflation held steady in February but faces upward pressure from higher energy costs, while Japan’s inflation eased on subsidies. China’s industrial profits rose, pointing to a firmer recovery
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