Summary

• High volatility led to fluctuating ETF flows, with outflows emerging in March.
• Total ETF inflows in Q1 were significantly lower than a year earlier.
• Elevated prices are weakening jewelry demand.
• Geopolitical risks and central bank actions remain key drivers.

By Łukasz Zembik

Strong start followed by corrections

The first quarter in the gold market was marked by high volatility. Prices reached a record high of nearly USD 5,600 per ounce in January, followed by two sharp

801 Followers