International News
WGC Gold Demand Trends- Q1 2026: Bar and Coin Buying Drove Q1 Demand
Global Demand Hit a New Record High Value Total Q1 Gold Demand, Including OTC, was 2% Higher y/y at 1,231t
Total Q1 gold demand, including OTC, was 2% higher y/y at 1,231t. This modest growth in volumes, combined with gold’s exceptional price rise, generated a 74% jump in the value of quarterly demand to a record US$193bn.
Bar and coin demand of 474t (+42%) was the second-highest quarter on record. Asian investors led the charge, hoovering up gold investment products.
Buying of gold-backed ETFs continued in Q1 (+62t), but at a lower rate than the very strong Q1’25 (+230t) following sizable outflows from US funds in March.
Amid record high gold prices, jewellery demand volumes remained under pressure (-23% y/y), while levels of spend again increased (+31%), signalling continued positive sentiment towards gold jewellery.
Central banks bought 244t (+3% y/y) of gold on a net basis in Q1 despite a visible uptick in selling activity during the quarter.
Demand for gold used in technology edged 1% higher to 82t, fuelled largely by the continued growth in AI infrastructure.
Highlights
- The LBMA (PM) gold price set a new quarterly average record of US$4,873/oz. The price hit a historical high of US$5,405/oz in January, followed by a notable correction. During Q1, the gold price returned 6%.
- The supply of gold increased in Q1 by 2% y/y to 1,231t. Modest growth in mine production, together with a 5% uptick in recycling, generated the increase.
- Investment demand now far exceeds fabrication. Weaker jewellery demand alongside growing investor interest in gold has changed the composition of demand in recent years.
Outlook
- Geopolitics remain front and centre in our outlook for gold demand in 2026. Our view remains that investment and central bank demand will be supported by ongoing geopolitical risk, with further investment impetus from elevated inflation and persistent high gold prices. Jewellery demand will remain under pressure for similar reasons, albeit that spending will likely remain resilient.
International News
Precious Metals Find Support On Ceasefire Optimism AUGMONT BULLION REPORT
Gold Is Trading At Y Oversold Levels Near The Critical Support Zone Of $4,300, Silver Testing Key Support In The $66–$67 Range
- Price Movement – Gold and silver are consolidating near key support levels as markets digest a fragile Israel-Iran ceasefire alongside mounting concerns over inflation and the prospect of further interest rate hikes.
- Geopolitical Developments – President Trump confirmed that both parties are pursuing an immediate ceasefire, with final negotiations advancing. Israel and Iran announced a mutual halt to hostilities following a direct appeal from Washington. However, Tehran cautioned that it reserves the right to resume strikes if Israeli operations against Hezbollah in Lebanon continue.
- Macro-economic Signals – CME FedWatch data shows markets now pricing a greater than 70% probability of a Fed rate hike by December. Investors are closely watching May’s U.S. CPI and PPI releases, due Wednesday, for clearer signals on the Fed’s policy trajectory. The European Central Bank is also widely expected to deliver a rate increase this week.
Technical Triggers
- Gold is currently trading at deeply oversold levels near the critical support zone of $4,300 (approximately Rs. 1,54,000). A technical rebound of 3–4% is anticipated from current levels, driven by bottom-fishing activity. However, a sustained break below this support would shift the near-term bias decisively lower, exposing the $4,000–$4,100 range (approximately Rs. 1,50,000–Rs. 1,51,500) as the next downside target.
- Silver is similarly oversold, testing key support in the $66–$67 range (approximately Rs. 2,40,000–Rs. 2,42,000). As with gold, a 3–4% technical recovery is the base case on dip-buying, but a confirmed sustainability below this support would accelerate selling pressure toward $60 (approximately Rs. 2,20,000) in the short term.
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $4300/oz : $4500/oz : Rs 154,000/10 gm : Rs 160,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $66/oz : $75/oz : Rs 240,000/kg : Rs 260,000/kg |
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