Record outflows of 12 billion, Asia steps in to support the gold bottom

(1) The World Gold Council stated that in March, global gold ETFs experienced a record capital outflow, totaling $12 billion. This halved the first quarter's capital inflow to $12 billion and ended North America's nine-month streak of capital inflows.(2) Asia's capital inflows remain robust, achieving record quarterly growth and helping to sustain the overall capital inflow trend for the first quarter. Despite the wave of selling, global gold holdings still increased by 62 tons in the first quarter.(3) Gold market liquidity remains strong, with trading volumes rising in all major venues, indicating that the selling pressure has not triggered a liquidity crunch. Asian buying has become a key supporting force. Moving forward, attention should be paid to whether North American capital returns and if Asian demand can continue to offset outflow pressure.