Featured Report
Gold Demand Trends: Q4 and Full Year 2025
Gold demand hit record levels in 2025. Total gold demand (including OTC) topped 5,000t during a year which saw 53 all-time highs in the gold price. Investment fuelled the gold market last year: safe haven and diversification motives drove huge ETF inflows and exceptional bar and coin buying.
Gold Market Commentary: Precious Metal Thunder
Gold tagged its 53rd all-time PM price high for the year of US$4,449/oz on 23 December, before closing the year at US$4,368/oz. It was a stellar finish to a stellar year – posting a December return of 4.2% to take the full year return to 67%. Relatively stable FX led to similar returns across major currencies.
Gold Outlook 2026: Push ahead or pull back
Gold has experienced a remarkable 2025, achieving over 50 all-time highs and returning more than 60% as of the end of November, driven by heightened risk, dollar weakness and price momentum.
Gold Market Commentary: Technical difficulties
A momentum flush out and stronger dollar contributed to a see-saw for gold from its 50th all-time high. But gold still managed good gains in October.
Gold Demand Trends: Q3 2025
Quarterly gold demand rose to a record in tandem with the price. Growth was primarily from accelerating investment demand, which accelerated on a powerful combination of safe haven buying in an uncertain geopolitical environment, US dollar weakness and investor “FOMO” as the price continued to climb.
Gold Demand Trends: Q2 2025
A second quarter of significant investment in gold-backed ETFs, along with elevated bar and coin buying, drove total Q2 gold demand up 3% y/y to 1,249t. Meanwhile, jewellery consumption weakened further in the face of record gold prices.
The Portfolio Continuum: Rethinking Gold in Alternatives Investing
The growing role of alternatives in institutional portfolios reflects a search for better returns and diversification. But these benefits come with trade-offs—like illiquidity and lagged valuations. This paper shows how gold can play a valuable complementary role. Its liquidity, low correlation, and performance during market stress make it a useful shock absorber alongside less liquid assets.
What's a bear case for gold: A historical perspective
Gold has experienced an extended period of bull run since late 2022, prompting questions about potential catalysis for change in trend. Cooling risks, rising opportunity costs and easing momentum might curb gold’s current strength, while structural changes in gold demand or supply may bring longer-term weakness.
Gold Market Commentary: Let them eat tariffs
In May, tariff news and inflation helped but momentum effects including ETF outflows, countered, to leave gold flat for the month. Looking forward: Tariffs are starting to bite, but not where intended, pushing stagflation risks higher and hamstringing central banks.
Gold Market Commentary: A risk-induced premium that may linger
Gold rose 6% m/m in April and is up by nearly 27% y-t-d. A significantly weaker US dollar and overall heightened risk pushed gold higher during the month. We expect US policy and structural risks to continue driving gold investment. Profit taking could bring pause but may also encourage consumers.
