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According to the World Gold Council, US gold demand jumped 58% YoY to 186 tonnes in Q3 2025, driven by $16 billion ETF inflows about 62% of global ETF flows. Daily trading on COMEX and ETFs topped $104 billion, a record high. Meanwhile, physical demand weakened, with jewellery down 12% and bar-coin demand plunging 64%. The rally remains investment-led, while India and China continue to support global demand through strong physical buying.
China’s central bank reported a slight rise in gold reserves for October to 74.09 million ounces from 74.06 million in September, with the total value increasing to $297.2 billion. The steady accumulation highlights China’s ongoing efforts to boost gold’s share in its forex reserves.
👉🏻 Gold ETF holdings have increased by around 2 tonnes today, driven by rising US economic tensions. The total holdings remain steady near 1,040 tonnes, indicating sustained investor confidence over the past several sessions. Meanwhile, Silver ETF holdings show a slight decline, standing at 15,114.03 tonnes. Overall, both gold and silver trust data have shown no major changes this week.
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