Global gold demand rose 3% year-over-year in Q1 2025, driven by strong over-the-counter (OTC) activity.
Central banks added 290 tonnes to their reserves, underscoring continued demand for gold as a hedge against inflation and currency risk.
Investment demand was mixed: ETF outflows contrasted with solid bar and coin buying, especially in China and India.
The World Gold Council notes a widening gap between institutional and retail investor behavior.