China gold market update: A notable rise in gold reserves
Ray Jia
Head of Research (Asia Pacific, ex-India) and Deputy Head of Trade Engagement (China) World Gold CouncilHighlights
- Gold ended April flat: the LBMA Gold Price PM in USD rose slightly by 0.1% while the Shanghai Gold Benchmark Price PM (SHAUPM) in RMB shed a minor 0.4% – due mainly to a stronger local currency
- Local gold ETFs added RMB3.5bn (US$498mn) in April, pushing their total assets under management (AUM) to RMB306bn (US$45bn); holdings rose 3t to 301t, a month-end peak.
- Heading into May, the local gold price stabilised above the RMB1,000/g threshold, with Chinese gold ETFs witnessing continued inflows despite sustained strength in the equity market1
- Wholesale demand fell seasonally in April, declining 23% m/m to 103t – replenishment from both jewellery retailers and banks eased
- The People’s Bank of China (PBoC) announced an 8t gold addition in April, the highest since December 2024 and the 18th consecutive monthly purchase, pushing official gold holdings to 2,322t, 9% of total reserves.
Looking ahead
- In the traditional off season for gold jewellery we expect demand in this sector to stay weak – though the stabilising gold price may offer some support; meanwhile, rising interest from local investors in the equity market rally – which started in early April – and the lack of a clear trend in the gold price may continue to discourage bullion investment.
A flat month for gold
Gold traded sideways in April, ending the month flat. The LBMA Gold Price PM in USD and the SHAUPM in RMB were little changed. Early in the month gold rebounded from March weakness as easing Middle East tensions tempered inflation concerns and weighed on yields. However, renewed uncertainty around the Strait of Hormuz later in April drove oil prices higher, dampened Fed easing expectations, and reversed gold’s earlier gains (Chart 1).
Chart 1: Gold was almost flat in April
Monthly returns of SHAUPM in RMB and LBMA Gold Price PM in USD*
*Data to 30 April 2026.
Source: Shanghai Gold Exchange, ICE Benchmark Administration, World Gold Council
Chinese gold ETFs expanded further while futures volumes cooled
Chinese gold ETFs witnessed their eighth consecutive monthly inflow in April, attracting RMB3.5bn (US$498mn). Following another monthly expansion their total AUM reached RMB306bn (US$45bn), 1% higher m/m. Meanwhile, collective holdings increased 3t to 301t, another month-end peak (Chart 2).
Continued global and regional geopolitical tensions during the month, as well as falling local government bond yields, sustained Chinese investor interest in gold. Nonetheless, inflows slowed as investors may have been diverted to the rallying equity market.
With the local gold price stabilising in May, we see continued allocation to gold ETFs from local investors even as the local stock market kept rallying.
Chart 2: Demand for Chinese gold ETFs persisted
Chinese gold ETF demand and holdings in tonnes*
*Data to 30 April 2026.
Source: Company filings, World Gold Council
Chinese gold futures trading activities cooled further in April (Chart 3). Despite a 31% m/m decline, volumes of gold futures traded at the Shanghai Futures Exchange (SHFE) – at 307t/day – remained well above the five-year daily average of 265t. Trader interest in gold futures weakened as amid local stock market strength and easing gold price volatility.
Chart 3: Gold futures volumes fell alongside the cooling price volatility
Daily average trading volumes of SHFE gold futures and monthly gold price volatility*
*As of 30 April 2026.
Source: Shanghai Futures Exchange, World Gold Council
Wholesale demand weakened seasonally
Gold withdrawals from the SGE totalled 103t in April, a 23% m/m fall (Chart 4). The m/m weakness followed a seasonal pattern: restocking falls in April as gold jewellery consumption enters its traditional Q2 off season. Although there was some replenishment ahead of the early‑May Labour Day holiday – historically a boost for jewellery sales – the impact was limited as consumer spending continues to shift toward experiences such as travel. Meanwhile, bullion sales, while still healthy, cooled from the previous buying frenzy as strong equities and the easing gold price momentum dimmed investor interest in gold.
On a y/y basis, April wholesale demand fell 33%, due in part to a high comparison base: in 2025 demand reached its strongest April level since 2018. Weaker wholesale demand has, however, been evident generally this year, due mainly to the downturn in the gold jewellery sector.
Chart 4: Wholesale gold demand on a seasonal path, only weaker
Gold withdrawals from the SGE by month and the ten-year monthly average*
*Ten-year average based on data between 2016 and 2025.
Source: Shanghai Gold Exchange, World Gold Council
The PBoC added the most gold in 15 months
The PBoC reported an 8t gold purchase in April, its 18th consecutive monthly addition and the highest since December 2024 (Chart 5). This addition brought Chinese official gold holdings to 2,322t, 9% of the country’s total official reserves, which rose 2% to US$3.8tn.
Chart 5: The 18th non-stop monthly Chinese gold reserve addition
The PBoC’s reported gold purchases and gold’s share of total foreign exchange reserves*
*Data to April 2026.
Source: State Administration of Foreign Exchanges, World Gold Council
Imports rebounded notably in Q1
China imported 143t of gold on a net basis in March, a notable 49% m/m rise. The March rebound brought Q1 net gold imports to 316t, surging both q/q (+182%) and y/y (+333%) (Chart 6). This is in line with robust Chinese gold consumption, as strong bullion investment offset weak jewellery buying, during the quarter. Meanwhile, positive local gold price spread throughout the quarter also encouraged importers.
Chart 6: Q1 gold imports rose notably
Net gold imports under HS7108*
*Data to March 2026.
Source: China Customs, World Gold Council
Footnotes
1Based on data as of 11 May 2026.
Disclaimer
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding the LBMA Gold Price
The LBMA Gold Price is used by the World Gold Council with permission under license by ICE Benchmark Administration Limited and is subject to the restrictions set forth here (www.gold.org/terms-and-conditions).
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Information from ICRA Analytics Limited
All information obtained from ICRA Analytics Limited contained in this document is subject to the disclaimer set forth here (www.icraanalytics.com/terms-of-use/disclaimer).
Unearthed: Decoding Gold Demand
Unearthed Podcast
World Gold CouncilThis episode was recorded on 13 May 2026.
In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss recent gold demand trends.
The hosts unpack recent gold market activity, investor behaviour, and geopolitical influences affecting gold demand and prices. The conversation covers the impact of inflation, central bank activities, and regional demand shifts, offering valuable insights for investors and industry participants.
Subscribe to Unearthed wherever you get your podcasts and visit Goldhub.com for more insights.
About World Gold Council
We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market.
You can follow the World Gold Council on X at @goldcouncil and LinkedIn.
Disclaimer
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding the LBMA Gold Price
The LBMA Gold Price is used by the World Gold Council with permission under license by ICE Benchmark Administration Limited and is subject to the restrictions set forth here (www.gold.org/terms-and-conditions).
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Information from ICRA Analytics Limited
All information obtained from ICRA Analytics Limited contained in this document is subject to the disclaimer set forth here (www.icraanalytics.com/terms-of-use/disclaimer).
Weekly Markets Monitor - India’s import duty reversal
Weekly Markets Monitor
Highlights
- Last week, markets focused on the Trump-Xi summit amid fading hopes of an Iran peace deal, while stronger-than-expected US inflation reinforced higher-for-longer rate expectations. Economic data was mixed globally - US consumer demand was resilient, Europe continued to face price pressures, while Asia saw strong trade momentum.
- Global equity markets closed the week mostly weaker, while bond yields across advanced economies rose. The US dollar and oil edged higher, weighing on gold.
- India sharply raised gold import duty from 6% to 15% last week – fully reversing the July 2024 cut – as a part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and INR pressures. The move triggered an immediate rise in the local gold price, which are already up more than 60% y/y. The hike further squeezes affordability and could weigh on consumer demand. We will explore some on these developments in our upcoming India monthly blog.
Chart of the week: India’s import duty reversal
Source: Central Board of Indirect Taxes and Customs, World Gold Council.
Note: dates in the chart indicate the date of change.
Disclaimer
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding the LBMA Gold Price
The LBMA Gold Price is used by the World Gold Council with permission under license by ICE Benchmark Administration Limited and is subject to the restrictions set forth here (www.gold.org/terms-and-conditions).
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Information from ICRA Analytics Limited
All information obtained from ICRA Analytics Limited contained in this document is subject to the disclaimer set forth here (www.icraanalytics.com/terms-of-use/disclaimer).
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India gold market update: Import tightening
Kavita Chacko
Research Head, India World Gold CouncilHighlights
- Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening
- Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price1
- Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient
- Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike.
Policy actions on gold imports
Since early April the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past.
On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024 (Chart 1). Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme)2 and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year.3
Chart 1: Import duty reverses course
Customs duty on gold (%)*
*As of 13 May 2026
Source: CBIC, World Gold Council.
These measures followed a series of policy actions that were seen as efforts to slow the import of gold, including the delay in issuing annual licenses for bullion imports to banks,4 restrictions on the import of all forms of gold, silver and platinum jewellery and platinum alloys;5 and continued delay in issuance of notification exempting banks from the Integrated Goods and Service Tax (IGST),6 which led to the banks pausing bullion imports for over a month.7
The pattern of gold import duty revisions
To date, India’s gold import duty revisions have been infrequent, with long periods of stability between policy revisions. Gold imports were subject to a flat duty (a fixed rupee amount per 10g) prior to 2012, but this was subsequently replaced by a value-based duty structure. Between 2012 and 2013 duties were raised repeatedly through a series of 2% hikes, up to 10%. This was followed by a prolonged gap of nearly six years before a further 2.5% hike in July 2019. Since then, revisions have become larger and more frequent, including duty cuts in 2021 and 2024 and sharp hikes in 2022 and 2026, reflecting a more active use of import duties to manage trade dynamics.
Table 1: India’s gold import duty cycle
Source: CBIC, World Gold Council
Price adjustment – the tariff lag effect
As expected, the import duty hike led to an immediate increase in domestic gold prices. However, the rise in prices was lower than the 9% increase in duty. Physical market prices, proxied by the MCX spot gold price, have risen in the range of 4% to 6% since the change in duty.
While the duty hike mechanically raises the official domestic or landed price,8 physical market prices do not fully or immediately mirror the increase in duty – rather they adjust to it with a lag, particularly when the change is as steep as the current 9%. Moreover, the increase came at a time of seasonally weak demand – summer wedding purchases are largely over, and the period from mid-May to mid-June is considered inauspicious for buying gold – thus limiting the full pass-through of the duty hike. Market feedback indicates that there is ample supply from the exchange of old gold jewellery for new, and the likely front-loading of imports, further limiting the rise in price.
Chart 2: Prices have risen less than the duty hike
Landed price and MCX spot gold price in USD per ounce*
*As of 18 May 2026. Landed price is the international prices (LBMA Gold Price AM) adjusted for import taxes.
Source: Bloomberg, CBIC World Gold Council.
Domestic gold prices trade at a deep discount post duty revision
In the immediate aftermath of the import duty hike, domestic gold prices traded at a steep discount to official prices,9 widening from an average of US$14/oz the week prior to the duty hike to nearly US$150/oz (Chart 3). The rise in domestic prices post the duty hike triggered profit-taking by investors, boosting supply even as physical buying weakened, and bullion dealers likely offloaded inventory imported at lower duty rates, adding to market supply.
Chart 3: Discounts widened sharply
NCDEX gold premium/discount relative to the official domestic price*
*As of 15 May 2026.
Source: NCDEX, World Gold Council.
Previous import duty hikes in 2019 and 2022 also resulted in discounts in the domestic market, but this episode has been significantly more pronounced due to the scale of the increase (Table 2).
Table 2: Post-duty hike movement in domestic gold price discounts (US$/oz)
Source: NCDEX, World Gold Council
Market and trade reaction and expectations
Share prices of listed jewellers fell by ~2%–17% following the duty hike, reflecting expectations of weaker discretionary demand. Market feedback and trade interactions suggest a varied impact across segments, with many retailers indicating a likely pause in procurement. Large chain stores saw a brief period of panic buying after the announcement, driven by expectations of further measures, and while they expect a slowdown in sales, they remain relatively resilient given inventory buffers and continued support from bridal demand.
Mid-sized and regional players continue to see buying from affluent customers but are expecting to rely more on exchange programmes and tighter inventory cycles going forward.
Smaller retailers appear the most vulnerable: already stretched by persistently high prices, they now face added pressure from sales volumes and profit margins.
Import duties and smuggling
Import data points to a consistent relationship between higher import duties and the inflow of unofficial gold. Between 2013 and 2026 increases in import duty were mostly followed by higher levels of unofficial or smuggled gold, while duty reductions coincided with sharp declines in such inflows. Excluding the COVID years of 2020–21, the correlation between import duty and unofficial imports is positive at 0.52, indicating a meaningful link between higher duties and smuggling activity.
Following the 4% duty hike in 2013, unofficial imports increased sharply from around 10t in Q1 of that year to 70t by Q1 2014, a seven-fold increase in under a year. Even when duties were steady at 10% through the second half of 2013 until Q2 2019 unofficial inflows remained elevated, averaging 34t per quarter. This suggests that once smuggling networks are established they are difficult to unravel.
A similar pattern was observed after duty was hiked from 10.75% to 15% in July 2022. Unofficial imports rose from 17t in Q2 2022 to nearly 50t by late that year and stayed elevated through much of 2023. In contrast, after duty was cut to 6% in July 2024, unofficial imports fell almost immediately to near zero.
There was a temporary drop in unofficial imports during 2020–21, which can be attributed to COVID-related disruptions.
The evidence suggests that higher import duties widen the domestic–international price gap and increase the incentive for smuggling, while lower duties reduce its attractiveness.
Chart 4: Import duty driven shifts
Source: Metal Focus, World Gold Council.
Limited duty sensitivity of imports
Our analysis suggests that import duty changes have had a limited influence on official import volumes over the past 13 years.10 Across duty regimes ranging from 6% to 15% official imports remained relatively resilient, between 175t and 236t per quarter in most periods, excluding the COVID period in 2020. The highest quarterly imports were recorded under the 10.75% duty regime (236.2t), while imports also remained stable at the higher 15% duty rate (174.5t). Statistically, the overall correlation between duty rates and official imports is negative 0.17, indicating a weak relationship between the two. This suggests that duty changes are not a key driver of imports; rather, broader demand conditions play a greater role.
Chart 5: Steady imports through duty cycles
Average quarterly official imports at various import duty levels*
*As of 18 May 2026.
Source: DGCIS, CBIC, World Gold Council
Recent data also highlights import resilience: April imports rose to US$5.6bn, up more than 80% on an annual as well as a sequential basis. This was despite banks pausing gold imports as they awaited the renewal notification that exempt them from the integrated goods and services tax (IGST). This suggests that the imports were likely driven by refiners, who increased their intake of gold doré around the key demand period of Akshaya Tritiya (19-20 April) further supported by gold price moderation. At the same time, some degree of front loading of imports – in anticipation of curbs amid the prolonged Iran-US conflict, elevated oil prices, and the INR vulnerability to a high import bill – cannot be ruled out based on anecdotal evidence. In volume terms, we estimate imports in April were in the range of 48-55t.
Chart 6: Imports rise despite disruptions
Monthly gold imports in tonnes and US$bn*
*Includes World Gold Council estimates.
Source: Ministry of Commerce and Industry, CMIE, World Gold Council
Gold ETFs: flows slow
Indian gold ETFs continued to attract inflows in April 2026, marking the 12th consecutive month of positive flows. Net inflows stood at INR30.4bn (US$325mn), broadly in line with our estimates.11 While inflows were modestly higher sequentially (up 3% m/m), they remained well below January’s peak, at about 13% of the INR240bn (US$2.6bn) recorded at that time, signalling a moderation in demand after a very strong start to the year. Redemptions stayed elevated in April at INR20.5bn (US$220mn), reflecting ongoing profit-taking, a trend seen since February.
Cumulative holdings rose by 1.1t to 116.7t, while AUM stood at INR1,781bn (US$19bn), a modest 3% decline from January, largely due to softer gold prices (down ~9% in INR terms). Investor participation remained healthy, with folios (or accounts) reaching 12.5mn, although growth slowed in April, with folio additions of 77,413 – the lowest since September 2024.
Gold ETFs experienced outflows following the import duty hike, with redemptions from 13-18 May largely reversing earlier gains. On a month-to-day basis, however, demand remains marginally positive at around INR1bn (~US$12mn).
Chart 7: Gold ETF momentum softens
Gold ETF flows in INRbn, and total holdings in tonnes*
*As of end April 2026.
Source: AMFI, ICRA Analytics, CMIE, World Gold Council
Demand moderation
Gold demand trends across different duty regimes indicates that while import duties influence consumption, other key factors such as gold prices, income growth and inflation, simultaneously impact demand. Periods of high import duties have generally coincided with a moderation in demand, particularly for bars and coins.
Average quarterly demand remained relatively subdued during the extended 10% duty period of 2013-19 (Chart 8) as well as during the period of 12.5% duty (2019-20), although the latter was also affected by COVID.
Chart 8: Tariffs temper demand
Average jewellery and bar and coin demand at various import duty levels*
Source: Source: Metal Focus, CBIC, World Gold Council
Our econometric models12 suggest that changes in import duties tend to impact gold demand in both the short and long term, although the impact differs across jewellery and investment products such as bars and coins. Investment demand appears more sensitive to duty changes, while jewellery demand has shown greater resilience.
Jewellery consumption is influenced more by prices and inflation and import duties have less of an impact. This is likely because jewellery purchases often tend to be a requirement, particularly for weddings and social occasions. Investment demand on the other hand is linked to income levels and import duties, with higher duties and restrictions tending to weigh on demand. In the short term, factors such as inflation and rainfall also influence investment demand alongside taxes.
Looking at 2026 as a whole, we estimate that combined jewellery and bar and coin demand could decline by around 50-60t, around 10% lower than the previous year due to the impact of the import duty hike. Other factors, such as the gold price, changes to income levels, inflation, or effects from the monsoon would further influence annual demand.
Footnotes
1Landed price is the international price (LBMA Gold Price AA) adjusted for import taxes. Prices as of 18 May 2026.
2Centre further tightens gold import rules, caps advance authorization at 100 kg, The Tribune, 20 May 2026.
3Why PM Modi asked Indian families not to buy gold for a year, India Today, 11 May 2026.
4After delay, DGFT authorises 17 banks to import bullion for 3 years, Indian Express,17 April 2026
5India imposes immediate restrictions on gold, silver and platinum jewellery imports to curb FTA misuse, NDTV Profit, 1 April 2026.
6IGST is a tax on the supply of goods and services between states in India.
7India's gold import crisis: Why banks halted shipments for a month and what it took to start again, Money Control, 12 May 2026.
8Landed price is the international price (LBMA Gold Price AM) adjusted for import taxes.
9Official domestic price is the landed prices which is the international price adjusted for import taxes.
10Q3 2013 to Q1 2026.
11Based on partial information
12Reference page 128-132.
Disclaimer
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding the LBMA Gold Price
The LBMA Gold Price is used by the World Gold Council with permission under license by ICE Benchmark Administration Limited and is subject to the restrictions set forth here (www.gold.org/terms-and-conditions).
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Information from ICRA Analytics Limited
All information obtained from ICRA Analytics Limited contained in this document is subject to the disclaimer set forth here (www.icraanalytics.com/terms-of-use/disclaimer).
Weekly Markets Monitor - Point of inflection
Weekly Markets Monitor
Highlights
- Last week was dominated by developments around US-Iran negotiations and strong US corporate earnings. Inflation pressures remain elevated across major economies, including Japan, the UK, Australia, and the US, though government subsidies helped soften the impact in some regions. In the US, durable goods orders and exports were strong in April despite softer Q1 GDP growth, while China’s industrial profits rose sharply, driven by high-tech manufacturing.
- Major global equity indices ended the week higher, while US Treasury yields declined alongside oil prices and the US dollar.
- Gold tested and held its 200-day moving average once again last week, a technical floor set in March. We continue to see this as a key inflection/risk point for the market (C.O.T.W). With shortterm momentum improving and net long positioning neutral, we look for confirmation that a more durable base is forming. A sustained move below the 200-day average, however, would signal rising downside risks and a potentially more extended correction (appendix).
Chart of the week: Point of inflection
Source: Bloomberg, World Gold Council
Disclaimer
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding the LBMA Gold Price
The LBMA Gold Price is used by the World Gold Council with permission under license by ICE Benchmark Administration Limited and is subject to the restrictions set forth here (www.gold.org/terms-and-conditions).
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Information from ICRA Analytics Limited
All information obtained from ICRA Analytics Limited contained in this document is subject to the disclaimer set forth here (www.icraanalytics.com/terms-of-use/disclaimer).
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Unearthed: Supply, Strategy, and the Road to $6,000 ft Nicky Shiels, MKS PAMP
Unearthed Podcast
World Gold CouncilThis episode was filmed on 19 March 2026.
In this episode of Unearthed, hosts John Reade and Joe Cavatoni are joined by Nicky Shiels, Head of Research and Metal Strategy at MKS PAMP – one of the world's leading precious metals refiners and trading houses. Together, they unpack the forces behind gold's remarkable run above $5,000/oz, with Nicky offering a perspective that goes beyond the headlines, drawing on MKS PAMP's unique position across the full precious metals supply chain.
The conversation covers the institutional investment landscape and what it would take to unlock that next leg of investment demand. They also examine the differences between gold and silver as investment assets, the structural liquidity challenges emerging in precious metals markets at these price levels, and Nicky's outlook for gold in the year ahead.
Disclaimer
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding the LBMA Gold Price
The LBMA Gold Price is used by the World Gold Council with permission under license by ICE Benchmark Administration Limited and is subject to the restrictions set forth here (www.gold.org/terms-and-conditions).
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Information from ICRA Analytics Limited
All information obtained from ICRA Analytics Limited contained in this document is subject to the disclaimer set forth here (www.icraanalytics.com/terms-of-use/disclaimer).
Weekly Markets Monitor - The crude pied piper
Weekly Markets Monitor
Highlights
- Last week, investors monitored US-Iran peace negotiations amid mixed global economic data. In the US, manufacturing and labour markets remained resilient, although consumer sentiment fell to a record low and inflation expectations increased. Japan’s GDP beat expectations and inflation eased, while Eurozone business activity weakened and China’s economic momentum slowed
- Global equities mostly advanced, while bond yields eased, US dollar edged higher and oil prices declined.
- Major long bond yields (US, Germany, Japan and UK) softened last week, as hopes of a Hormuz deal grew and oil prices sank (C.O.T.W). However, even if a deal is struck, it is not clear that energy prices will come down. The International Energy Agency has warned of further spikes on dwindling global inventories, and restocking is likely to be fervent even when oil and other critical commodities resume their flow. And likely, where oil prices go, bond yields follow. For gold, the immediate reaction would likely be downward pressure, but the broader macro impact could also encourage demand. For now, these countervailing forces remain in play.
Chart of the week: The crude pied piper
Source: Bloomberg, World Gold Council
Disclaimer
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding the LBMA Gold Price
The LBMA Gold Price is used by the World Gold Council with permission under license by ICE Benchmark Administration Limited and is subject to the restrictions set forth here (www.gold.org/terms-and-conditions).
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Information from ICRA Analytics Limited
All information obtained from ICRA Analytics Limited contained in this document is subject to the disclaimer set forth here (www.icraanalytics.com/terms-of-use/disclaimer).
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China gold market update: Official buying accelerated in May
Ray Jia
Head of Research (Asia Pacific, ex-India) and Deputy Head of Trade Engagement (China) World Gold CouncilHighlights
- Gold weakened in May as geopolitical uncertainties kept investors wary of inflation risks and higher rates
- Outflows in May ended an eight-month inflow streak for Chinese ETFs and brought total assets under management (AUM) down 5% to RMB289bn (US$43bn). Gold futures trading volumes at the Shanghai Futures Exchange (SHFE) remained stable
- Wholesale demand fell notably in May amid easing investment momentum and a still-weak jewellery sector
- The People’s Bank of China (PBoC) reported a 10t gold purchase in May, the highest since December 2024, pushing total official gold holdings to 2,332t, 9% of total reserves
- Gold trended down further in the first week of June; Chinese gold ETFs’ outflows continued. Meanwhile, trading volumes of Au9999 lowered, indicating tepid gold demand in early June.
Looking ahead
- Seasonality suggests stability in the gold jewellery sector as the industry replenishes following weak buying in previous months. The lower gold price may help boost these re-stocking activities, although jewellers may sit on the sidelines if the price weakness accelerates. On the investment side, a cooling gold price momentum could further limit bullion buying.
Gold weakened
Gold ended May with a modest decline. The LBMA Gold Price PM was down 1.4% and the Shanghai Gold Benchmark Price PM (SHAUPM) fell by 2.7% – as the RMB strengthened it exacerbated the weakness in the Chinese gold price (Chart 1). Uncertainties in the Middle East and related inflationary concerns – which pushed yields and the dollar up – were key drivers of gold in the month.
Chart 1: Gold was weaker in May
Monthly returns of SHAUPM in RMB and LBMA Gold Price PM in USD*
*Data to 31 May 2026.
Source: Shanghai Gold Exchange, ICE Benchmark Administration, World Gold Council
Chinese gold ETFs saw outflows and futures volumes stabilised
Chinese gold ETFs saw their first monthly outflow since August 2025, shedding RMB8.2bn (US$1.2bn) in May. Combined with a lower gold price, total AUM declined by 5% to RMB289bn (US$43bn). Chinese gold ETF holdings had dropped 8.3t to 293t by the end of the month (Chart 2).
Sustained local equity market strength diverted investor interest away from gold. And the lack of a clear gold price trend prompted some to sell their gold ETF holdings.
Chart 2: Chinese gold ETFs saw their first monthly outflow in eight months
Chinese gold ETF demand and holdings in tonnes*
*Data to 31 May 2026.
Source: Company filings, World Gold Council
Gold futures trading volumes on the SHFE stayed stable, averaging 301t per day in May (Chart 3). This was little changed from April’s 307t/day as trading activities were constrained by the consolidating local gold price and elevated investor interest in the local equity market.
Chart 3: Gold futures volumes almost unchanged in May
Daily average trading volumes of SHFE gold futures and monthly gold price volatility*
*As of 31 May 2026.
Source: Shanghai Futures Exchange, World Gold Council
Wholesale demand kept declining
Wholesale gold demand fell notably in May (Chart 4). Gold withdrawals from the SGE totalled 64t, 38% lower m/m. The m/m decline is mainly seasonal, as noted previously.
On a y/y basis, withdrawals declined by 36%, making this the weakest May since 2010. The weakening gold price during the month, along with attention-grabbing equities, dented safe-haven demand for gold investment products. And persistent weakness in the gold jewellery sector amid affordability issues and additional tax burdens – despite mild upticks during May as the price stabilised – kept jewellers cautious in restocking. Taken together, May’s wholesale demand took a hit, falling to a multi-year low.
Chart 4: Wholesale demand fell to a multi-year low in May
Gold withdrawals from the SGE by month and the ten-year monthly average*
*Ten-year average based on data between 2016 and 2025.
Source: Shanghai Gold Exchange, World Gold Council
The PBoC ramped up gold buying
The PBoC announced its 19th consecutive monthly gold reserve increase in May, pushing official holdings 10t higher to 2,332t (Chart 5). This marks the strongest month of official sector gold purchases since December 2024. Official gold holdings have risen by 25t y-t-d and now account for 8.9% of China’s foreign exchange reserves. The country’s official sector has accumulated 67t of gold during the past 19 months.
Chart 5: Official gold purchases picked up in May
The PBoC’s reported gold purchases and gold’s share of total foreign exchange reserves*
*Data to May 2026.
Source: State Administration of Foreign Exchanges, World Gold Council
Imports rose further in April
Net gold imports into China totalled 157t in April, according to the most recent data from China Customs, rising 10% m/m and 40% higher y/y and making this the strongest month since March 2024. The positive local gold price spread remained a key factor in encouraging imports.
Chart 6: Gold imports continued to rise in April
Net gold imports under HS7108*
*Data to April 2026.
Source: China Customs, World Gold Council
Disclaimer
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding the LBMA Gold Price
The LBMA Gold Price is used by the World Gold Council with permission under license by ICE Benchmark Administration Limited and is subject to the restrictions set forth here (www.gold.org/terms-and-conditions).
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Information from ICRA Analytics Limited
All information obtained from ICRA Analytics Limited contained in this document is subject to the disclaimer set forth here (www.icraanalytics.com/terms-of-use/disclaimer).
