Silver Rises Over 120% YTD 
In the first half of 2025, gold prices soared 26% to record highs, yet investors continued to buy in, especially through ETFs. The World Gold Council’s Q2 Gold Demand Trends report shows total global investment demand jumped 78% year-on-year, marking the strongest half-year since 2020. ETF inflows in Australia and worldwide offset earlier 2024 outflows, driven by fears of economic slowdown, geopolitical tensions, and currency debasement. Central banks continued large-scale purchases, adding 166 tonnes in Q2, while bar and coin buying rose 11%, led by Chinese and Indian investors. Jewellery demand, however, fell sharply. Analysts say ongoing market volatility and unpredictable macroeconomic conditions could keep gold prices supported in the second half of 2025.
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Gold Is Down 14% in March. Inflation Isn’t Done Yet.
Gold dropped 14% in March — its worst month since 2008. Gas prices surged. Aluminum hit a two-year high. And the OECD now sees inflation running nearly twice the Fed’s forecast. Here’s what’s driving markets and what it means heading into Q2.
March 31, 2026
