International News
WGC Gold ETF commentary: Asia erupts as global momentum builds
April in review
Global physically backed gold ETFs1 added US$11bn in April, extending their inflow streak to five months (Table 1, p2).2 Supported by a higher gold price and continued inflows, global gold ETFs’ total assets under management (AUM) reached another month-end high of US$379bn. Meanwhile, holdings surged 115t to 3,561t, the highest since August 2022 and yet still 10% below the month end peak of 3,915t in October 2020.
Asia led inflows, accounting for 65% of the net global total – their strongest month on record. North American demand was also sizable while European flows flipped negative. Other regions continued to experience positive demand, albeit only mildly.
Highlights
Asia flows surged and North America also saw robust demand, while Europe witnessed mild outflows. The strongest inflow since March 2022 and the continued gold price surge pushed global gold ETFs’ AUM to US$379bn, 10% higher in the month. Global gold trading volumes rose significantly across all markets.
Regional overview
Asia experienced record breaking inflows during April, adding US$7.3bn, the strongest ever. The bulk of the demand came from China marking the third consecutive month of inflows and the strongest on record for the region. And more impressively, the April inflows have now surpassed those in Q1 and in full year 2024. In addition to the continued local gold price surge, demand was also driven by:
• The ongoing trade dispute with the US, which has raised fears of weaker growth, amplified equity volatility, and intensified expectations of the local currency depreciation
• Lower government bond yields, amid rising rate cut anticipations.
Global trade risks and the gold price surge also boosted gold ETF demand in Japan, their seventh consecutive month inflow. India also recorded steadily positive flows, following net outflows last month.
North American investors continued to buy gold ETFs, adding US$4.5bn in April. Although flows moderated compared to February and March, this month marked the second strongest April on record. And net cumulative flows through the first four months of the year have already outpaced 2020’s historical performance.
April and y-t-d 2025 regional flows* price momentum – albeit less pronounced compared to March – together with ongoing financial market turmoil amid trade policy uncertainties led investors in the region to gold.
Near-term momentum may ebb and flow, but expectations for continued market volatility – driven by concerns such as future trade policy and inflation – should provide a level of support to flows over the medium-to-long term.
Europe saw modest outflows of US$807mn in April, reversing course slightly. Outflows for the region were primarily concentrated in the UK, which were partially offset by inflows into Switzerland and France.
Nonetheless, the region witnessed healthy demand during most of April as the gold price rallied. Lower opportunity costs, fuelled by another rate cut from the ECB,3 and intensified expectations of a BoE reduction in early May 4 supported gold ETF buying. But late-month gold price declines sparked investor selling, likely profit-taking, erasing earlier gains. Sharp stock market rebounds may have further reduced gold’s appeal.
With the local currency strengthening against the dollar, FX hedged products, mainly in Switzerland, saw additional demand, curbing other outflows.
Funds in other regions posted their fifth consecutive month of positive demand (US$213mn) – Australia and South Africa continued to drive gold ETF inflows in the region.
Gold trading volumes boom
Global gold trading volumes across various markets rocketed in April, averaging US$441bn/day, 48% higher m/m. Amidst the strong gold price rally, all markets witnessed significant m/m rises in trading activities. LBMA OTC turnovers reached US$181bn/day, 31% higher m/m and notably higher than the 2024 average. Exchange-traded activities jumped by 67% compared to March, with the COMEX (+42% m/m) and the Shanghai Futures Exchange (+122% m/m) leading the charge. Although gold ETF trading volumes are smaller than other sectors, they saw the greatest m/m increase of all, surging 120%.
Total net longs of COMEX gold futures fell 30% m/m to 566t by the end of April. Net long positions held by money managers moved lower almost each week, reaching 360t by the end of the month and 35% below the 2024 average. This is mainly driven by a sharp decline in total longs – likely due to profit taking as gold refreshed new records – and a mild rise in shorts.
International News
Gold price drifts lower to near $3,330 ahead of US-Ukraine talks
Pandora posted 4% revenue growth to DKK 7.08 billion in Q2 2025, driven by strong US demand and a 36% surge in lab-grown diamond sales. The brand will close 100 underperforming China stores—double earlier estimates—while still targeting 400–500 new global openings by 2026.
Gold prices edged lower to around $3,330 in early Asian trading on Monday, pressured by stronger-than-expected US economic data. The drop comes ahead of a key meeting later in the day between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy, which traders are watching closely for geopolitical signals.
Last week’s US Producer Price Index (PPI) rose 3.3% year-on-year in July, well above market expectations of 2.5% and the previous 2.4%. The hotter-than-expected inflation reading reduced bets on a potential Federal Reserve rate cut in September, creating headwinds for the yellow metal.
Adding to the picture, US Retail Sales grew 0.5% month-on-month in July, matching forecasts but slightly below June’s upwardly revised 0.9%.
While strong economic data pressures gold, safe-haven demand linked to geopolitical tensions may limit further downside in the near term.
International News
Pandora to Close Up to 100 Stores in China
Pandora posted 4% revenue growth to DKK 7.08 billion in Q2 2025, driven by strong US demand and a 36% surge in lab-grown diamond sales. The brand will close 100 underperforming China stores—double earlier estimates—while still targeting 400–500 new global openings by 2026.
Pandora reported steady growth in the second quarter despite global challenges, while announcing plans to close about 100 underperforming stores in China to streamline its retail network. The closures are higher than the 50 previously expected, meaning net global openings will now total 25 to 50 this year, compared to the earlier forecast of 50 to 75. Still, Pandora aims to expand its footprint by 400–500 stores by 2026.
Product mix contributed negatively driven by the strong performance in Collabs and Pandora Lab-Grown Diamonds, which both carry gross margins below group level,
For the quarter ending June 30, revenue rose 4% to DKK 7.08 billion ($1.11 billion), with organic growth of 8% and like-for-like sales up 3%, driven by strong US demand, especially during Mother’s Day. Profit inched up 0.5% to DKK 803 million ($125.9 million). Lab-grown diamond sales surged 36%, though their lower margins pressured profitability.
Pandora also flagged potential tariff impacts, estimating costs of DKK 200 million in 2025 and DKK 450 million in 2026, and may consider price increases to offset pressures.
DiamondBuzz
De Beers, Endiama report first new kimberlite field in over 30 years in Angola
De Beers Group, in partnership with Angola’s Endiama, has discovered a new kimberlite field—its first in over 30 years—during initial drilling in July 2025. The find marks a major milestone in their long-term collaboration to responsibly develop Angola’s diamond resources.
De Beers Group, in partnership with Angola’s national diamond company Endiama, has reported the discovery of a new kimberlite field in Angola—the company’s first such find in over 30 years.The breakthrough occurred in July 2025, when the joint venture intersected kimberlite in its very first drill hole, targeting a cluster of high-priority sites identified through airborne surveys earlier in March 2025.
In the months ahead, De Beers and Endiama will carry out additional drilling, ground geophysical studies, and laboratory testing to confirm the nature of the kimberlite and evaluate its diamond-bearing potential.The find marks a significant milestone in the partnership between De Beers and Angola. It comes on the back of two Mineral Investment Contracts signed in April 2022 and a Memorandum of Understanding agreed at the 2024 Mining Indaba. These agreements have laid the foundation for a long-term collaboration focused on responsibly developing Angola’s diamond resources.
Al Cook, CEO of De Beers Group, said: “Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence. It is a powerful reminder of what can be achieved through partnership, and I commend President Lourenco and his government for all the work they have done to enhance transparency, adopt international best practices, and create a business friendly environment, all of which has enabled us to return to Angola and seek new sources of supply. We are excited about the role De Beers can play in helping the country deliver on its huge potential, both below and above the ground.”
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