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
Mark Raksha Bandhan With The Art Of Gifting By Lotus Arts De Vivre
Indinoor Brings South Indian Heritage To Life With A Contemporary Temple Jewellery Edit Curated By Shanaya Kapoor
Raksha Bandhan is a celebration of a bond unlike any other. One shaped by cherished traditions and countless moments over the years. This festive season, Lotus Arts de Vivre brings a distinctive approach to gifting with a selection of jewellery, accessories and objets d’art created to be cherished well beyond the occasion.
Bringing together rare natural materials, exceptional artistry and centuries-old techniques from around the world, each creation tells a story of its own. From intricate Japanese lacquer and Cloisonné to luminous mother-of-pearl, abalone and fine marquetry, the edit offers thoughtful gifts for those looking to mark Raksha Bandhan with something truly distinctive.
Marquetry Clutch Bag with Carved Abalone Bird
A statement accessory rooted in an age-old decorative technique, the Marquetry Clutch Bag is created using imported European rye straw, which is soaked, split, sun-dried and ironed before being meticulously arranged into intricate patterns.
At its centre sits a delicately carved abalone bird with a diamond-set eye, complemented by silver and gold-plated detailing. Mother-of-pearl flower motifs with peridot centres and diamond accents along the bamboo-inspired detailing add another layer of intricacy. Taking over three months to create with more than six craftsmen involved at various stages, the clutch makes for a memorable gift that brings together art, nature and fashion.
Japanese Garden Inspired Lacquer Bangle with Diamond and Red Stone
The piece features diamonds and red stones set in 18-karat gold against a deep lacquer surface. Its creation draws upon the centuries-old Japanese Maki-e technique, where gold or silver powder is carefully applied with brushes to build intricate decorative compositions. Requiring approximately six months and the expertise of more than seven designers and craftsmen, the bangle is a wearable piece of art steeped in Japanese tradition.
Created by acclaimed Japanese lacquer artisan Kita Hama from Japan’s Noto region and embellished by Lotus Arts de Vivre, this sculptural bangle draws inspiration from the serenity and beauty of a Japanese garden
Cloisonné Necklace with Turquoise, Pearl, Red Lacquer and Cord
For a sibling drawn to jewellery with colour and character, the Cloisonné Necklace brings together turquoise beads, pearls, red lacquer and black beads around an intricately enamelled central pendant.
The necklace celebrates Cloisonné, a centuries-old decorative technique in which fine metal wires are shaped into delicate compartments and filled with layers of coloured enamel. The addition of red lacquer brings another historic Asian art form into the design, resulting in a striking interplay of colour, texture and traditional techniques with a contemporary sensibility.
Mother-of-Pearl Canapé Plate with Silver Birds
For those who appreciate beautiful objects for the home, the Mother-of-Pearl Canapé Plate transforms the natural iridescence of mother-of-pearl into an elegant serving and decorative piece.
Sourced from Southeast Asia, the mother-of-pearl is accented with intricately detailed sterling silver birds. Equally suited to serving hors d’oeuvres and desserts or displayed as an object on a coffee table or desk, the piece brings a touch of nature into the home. Taking approximately two months to complete, it passes through the hands of more than six craftsmen and designers from design to production.
Abalone Shell Bowl with Birds
Celebrating the beauty of materials in their natural form, the Abalone Shell Bowl uses a Mexican abalone shell distinguished by its luminous, iridescent colours and organic markings. Sterling silver birds perched along the shell introduce a whimsical signature detail.
Designed to work as both a serving piece and a decorative object, the bowl can hold flowers, desserts or small bites, or simply be displayed on its own. Each shell carries its own natural variations, making every piece inherently individual. The creation takes approximately one and a half months to complete, with several designers and craftsmen involved across its various stages.
This Raksha Bandhan, Lotus Arts de Vivre offers gifts that feel considered rather than conventional pieces shaped by rare materials, artistic traditions and meticulous handwork, chosen to celebrate a bond that is equally one of a kind.
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