Featured Report
Gold Demand Trends: Q1 2026
Gold demand saw a modest y/y increase in Q1 to 1,231t, while value surged to a record US$193bn. Bar and coin investment drove gains, while ETF buying slowed in Q1. Central banks continued to buy in healthy size. Jewellery demand volumes remained under pressure amid record high prices.
Gold Market Primer: Market size and structure
Gold is an attractive means of helping investors diversify their portfolios. Its relative scarcity supports its long-term investment appeal. But its market size is large enough to make it relevant for a wide variety of investors, from individuals to institutions and central banks.
Why gold in 2026? Is gold still a strategic asset for Japanese investors?
Following an epic 2025, gold’s volatility has risen notably in 2026. This has prompted a key concern among investors: is gold still a strategic asset for Japanese portfolios? Our analysis shows that with various challenges facing Japanese investors in 2026, such as sticky inflationary pressure, rising bond-equity correlation and geopolitical uncertainties, gold remains a strategic asset and improves local portfolio performance.
Why gold in 2026? Australia's macro shifts and the case for gold
Australia’s economy continues to grow but resurgent inflation and the Reserve Bank of Australia (RBA)’s decision to resume tightening in February 2026 – diverging from some of its peers – raises questions around portfolio allocations. Australia's unique geopolitical positioning, with its fortunes tied to increasingly affluent trade partners within the Indo-Pacific while being strategically aligned with the US, has created an asymmetry that makes portfolio diversification crucial. Against this backdrop, gold’s role in Australian portfolios warrants renewed attention. For Australian investors, a strategic allocation to gold offers both a macro hedge and a portfolio diversifier at a time when uncertainty takes centre stage.
Why gold in 2026? An anchor for Indian portfolios
Despite strong macroeconomic credentials, Indian financial markets have delivered softer returns amid currency weakness, subdued capital flows, rising global uncertainty. In this environment, gold has emerged as a notable outperformer. Its ability to provide effective diversification, act as buffer during periods of systemic stress, and a currency hedge, reinforces its strategic role in portfolios. For Indian investors, gold remains a resilient anchor for portfolio stability
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 Demand Trends: US Focus Q4 and Full Year 2025
US gold demand more than doubled to 679t in 2025, driven almost entirely by strong investment demand in physically-gold‑backed ETFs. US‑listed ETFs added 437t of demand, pushing holdings to a record 2,019t (US$280bn AUM). Jewellery, technology, and bar‑and‑coin demand softened amid historically high gold prices, even as value‑based purchasing – particularly for jewellery – held relatively firm. Geopolitical uncertainty, rate expectations, and a weaker dollar supported strong investor appetite in 2025, reinforcing gold’s role as a strategic asset.
Indonesia Consumer Insights Report: Gold for the Nation
Indonesia is home to approximately 284 million people spread across its 38 provinces. Within this vast social fabric, gold has long been regarded as an investment asset in Indonesian households, typically in the form of heirloom jewellery passed down from one generation to the next, or in modern-day gold bars and coins. Gold’s enduring appeal reflects both cultural tradition and a deep-rooted belief in its role as a secure and lasting store of value.
US Gold Demand Trends Q3 2025
Overall gold demand in the US rebounded in the third quarter, in which demand of 186t grew 58% y/y. NA ETF inflows reached $16bn (137t) in Q3 and cumulative net inflows his US$37bn through September. Average daily trading volumes of US listed products grew 37% y/y in the quarter, and carried this momentum into October increasing 51% m/m to a new record of US$208bn (1,587t) per day.
2025 Chinese jewellery retailer insights: Gold and self-wear remain key
To explore current trends and future opportunities we conducted our 2025 annual Chinese jewellery retailer research in partnership with China Gold News for the sixth consecutive year. Through the lens of the retailer we found that gold products continue to dominate Chinese jewellery retailer sales while Heritage and Hard Pure gold jewellery products remain key sources of retailers’ profit. Buying for self-indulgent wear remains key in retailer jewellery sales. Retailer optimism around gold product sales is intact and self-indulgent buying may continue to drive business in the future.
