Research by the World Gold Council indicates Q1 gold demand (excluding OTC demand) slipped 5% y/y to 1,102t, due to continued ETF outflows. Inclusive of sizable OTC buying by investors, total gold demand increased 3% y/y to 1,238 t – the strongest first quarter since 2016. Q1 saw no let-up in the pace of central bank gold buying: 290 t (net) was added to official holdings, only part of which is currently reflected in IMF data. Bar and coin demand matched the previous quarter at 312 t, translating to a 3% y/y increase. Global gold ETF holdings fell by 114 t. Europe and North America both saw quarterly outflows, ... (full story)