Gold demand at 9-year high in China; price tipped to stay strong amid Trump tariff anxiety

First-quarter demand up 1 per cent to 1,206 tonnes as World Gold Council highlights uncertainty premiums associated with US assets. Growing economic risks and uncertainties pushed first-quarter demand for gold to the highest level since 2016, with prices expected to remain strong for the rest of the year. As turbulent times persist, haven demand for gold from institutions, individuals and the official sector could climb higher in the months to come.

Central banks have entered their 16th consecutive year of net gold purchases, adding 244 tonnes to global reserves in the first quarter, just under a fifth less than in the same period last year.

The World Gold Council predicted that central banks are likely to continue purchasing gold in quantities similar to those seen over the past three years, driven by elevated trade-related risks and uncertainty premiums associated with US assets.