Gold demand shifts East as Western appetite fades
Retail gold demand is falling in North America and Western Europe — now down three years in a row.
Meanwhile, Asia, South America, and Africa are steadily buying more. In Q1 2025, this created the widest East-West gold demand gap on record, driven by a U.S. sell-off.
– Asia-Pacific demand rose +3%
– China: +12%
– South Korea, Singapore, Malaysia, Indonesia: +30%
– U.S. Mint gold coin sales: –70% YoY in May
Gold flows are clearly heading East.
