Insights

Domestic prices track international highs, but demand pressure results in deeper discounts from local dealers. Price surge dims jewellery demand, while investment interest lingers.

Gold began 2025 with vigour: the LBMA Gold Price PM and the Shanghai Gold Benchmark Price PM both saw their strongest January in years, rising by 8% and 5% respectively. 

Traders and speculators often borrow shares of such a gold-backed ETF through standard securities lending relationships, which involve the ETF’s shareholders, and do not involve the London gold lease market, or the trust, itself.

In this episode of Unearthed, hosts Joe Cavatoni and John Reade from the World Gold Council share their expert views on the potential unintended impact of US tariffs on gold. 

Central banks reported 3t of net selling in December via the IMF and other public data sources. The People’s Bank of China was the largest reported net buyer this month (10t), followed by Czech National Bank and Bank of Ghana with a tonne net purchases each. The National Bank of Kazakhstan was the largest seller (11t) during the month.

Gold priced in Australian Dollars (AUD) ended 2024 with a stunning 38% surge and continues to power higher. Looking ahead,  we believe the combination of robust investment demand together with risks on various fronts may provide further support for gold. Meanwhile, should the AUD remain under pressure, gold could shine brighter in Australian investor portfolios.

Even with a price moderation in November and December, gold surpasses other key asset classes to lead returns in 2024. Jewellery demand slowed amid high prices and an inauspicious period on the Hindu calendar.

China’s wholesale gold demand sees a seasonal rebound in December yet the 2024 total remains weaker than 2023. Meanwhile, gold ETFs experienced unprecedented inflows in 2024. And China’s official gold holdings have increased two months in a row now, ending the year with reported gold purchases of 44t.

In this episode of Unearthed, hosts Joe Cavatoni and John Reade kick off 2025 by discussing key trends likely to shape the gold market amid global uncertainty.

Based on available reported data, central banks bought a net 53t in November. The National Bank of Poland (21t) was the biggest buyer, while the People's Bank of China reported its first addition (5t) since April.

Gold performed exceptionally well in 2024, outperforming all major asset classes. Gold rose 25.5%, which was likely driven by gold’s role as an effective hedge against heightened geopolitical uncertainty and market volatility.

Jewellery demand weakens post-Diwali, while investment demand for gold bars and coins remains strong. Indian gold ETFs maintain strong inflows, adding 14.5t year-to-date.

Joe Cavatoni and John Reade of the World Gold Council review gold's impressive 2024 performance, with a 28% gain through November—the best in over a decade.

In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Jean Martineau, President & CEO, Dynacor Gold Mines Inc. during the LMBA &LPPM 2024 Global Precious Metals Conference, to discuss artisanal and small-scale gold mining and how it fits into the bigger picture of the global gold industry.

Central banks reported 47t of net purchases this month – the highest amount recorded y-t-d. The Central Bank of Turkey led the field, adding 17t of gold to its reserves, followed by India and Poland – 14t and 8t respectively.

In this episode of Unearthed, co-hosts Joe Cavatoni and John Reade, Senior Market Strategists for the World Gold Council, are joined by Professor Hao Zhou from Tsinghua University to dive into the shifting dynamics of China’s economy and its impact on the global gold market.

With gold being a vital component of many of today's electronic devices, we look at the growth of Artificial Intelligence as an important emerging area of demand.

Despite record-high prices Diwali gold demand was healthy, with strong sales driven by investment appeal. Indian gold ETFs continue to attract strong interest from investors, with October seeing the largest inflows on record. The Reserve Bank of India (RBI) has purchased 64t of gold to date this year, making it the second highest annual purchase on record. Uptick in gold imports in October.

In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss the latest gold market trends, reflecting on the U.S. election outcome, monetary policy, and China’s recent economic developments.

The local gold price’s unprecedent surge and amplified equity market volatilities helped Chinese gold ETFs attract their largest monthly inflow eve. China’s wholesale gold demand continued to exhibit seasonal patterns, witnessing a mild fall m/m yet remaining well below the long- term average. The stabilizing gold price, seasonality and positive impact from various stimulus may bode well for gold consumption in coming months.