13 Aug 2026

Gold demand in Asia remains exceptionally strong.

Asian gold ETF holdings have more than doubled over the past year, surpassing 500 tonnes for the first time this century, with China driving much of the surge. By contrast, gold ETF holdings in North America and Europe have remained broadly stable. And the macro backdrop supporting gold has barely changed: Government debt remains historically high Fiscal deficits remain elevated Non-bank credit continues to expand Leverage across the financial system remains substantial In other words, the structural case for gold remains firmly intact. What is changing is investor demand. Asian investors, particularly in China, are accumulating gold at an accelerating pace. And when structural macro support meets rising investment demand, the adjustment ultimately has to come through one place: The price of gold. Source: Bloomberg, Global Markets Investor

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