According to the World Gold Council, gold-backed ETFs attracted 226.5 metric tons (valued at $21.1 billion) in Q1 2025, reflecting strong institutional interest.
Meanwhile, central bank buying continues unabated. China added to its reserves for the fifth consecutive month, bringing its total gold holdings to 73.7 million fine troy ounces as of the end of March.
Retail demand tells a mixed story:
- In China, consumers continue to buy gold amid geopolitical uncertainty.
- In India, however, buyers are waiting for a price correction, with dealers offering discounts of up to $20 per ounce, slightly less than the previous week’s $33.
- The World Gold Council expects India’s gold demand to moderate to 700–800 metric tons in 2025, down from 802.8 tons in 2024, due to rising gold prices impacting jewellery consumption.
Technical Analysis: Gold Price Levels to Watch
From a technical perspective, gold is showing fresh buying interest, with open interest rising by 9.32% to 19,415 contracts. Key price levels to monitor:
- Support Levels: ₹91,160 and further down at ₹90,290
- Resistance Levels: ₹92,650; a breakout could push prices toward ₹93,270
Key Takeaways for Investors
- Geopolitical risks are driving safe-haven flows into gold.
- Central bank and ETF demand remain robust.
- Indian gold demand may slow due to high prices, impacting jewellery buying.
- Technical indicators suggest bullish momentum with clear support/resistance zones.
Conclusion
With global uncertainties and inflation concerns dominating market sentiment, gold continues to shine as a safe-haven investment. The current rally reflects both technical strength and fundamental support. However, investors should monitor geopolitical developments and price trends closely to make informed decisions.
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