Morning Bites

🏆Global physical gold demand increased 5% YoY to 1,099t in 1Q26 (also being 80% YoY higher in value terms, as gold prices surged 70% YoY in 1Q26), vs. the 13% YoY decline in 4Q25, per World Gold Council data. Specifically, gold jewellery demand dropped 23% YoY in 1Q26, while official central bank purchases were up 3% YoY. Among other key demand segments, robust growth was also recorded in Bars&Coins (+42% YoY)

Despite strong physical purchases, total gold demand was down 9% YoY in 1Q26 in volume terms, as inflows into global ETFs dropped 73% YoY due to the risk-off sentiment among investors as the Middle East conflict escalated. Meanwhile, world mined gold output grew 2% YoY in 1Q26

#gold