The "Global Gold Demand Trends Report for the First Quarter of 2026" (hereinafter referred to as the "Report") released by the World Gold Council on the 29th shows that the increase in central bank reserves provides support for overall gold demand. In the first quarter, central banks increased their gold reserves by 244 tons, a year-on-year increase of 3%. The amount of gold purchased was higher than the previous quarter's level and the 5-year average, further highlighting the role of gold as a core reserve asset of central banks. The report points out that the total global demand for gold (including over-the-counter trading) reached 1231 tons in the first quarter, a year-on-year increase of 2%. In terms of value, the total demand for gold in the first quarter reached $193 billion, a year-on-year increase of 74%. In terms of investment, in the first quarter, global physical gold ETFs maintained a net inflow trend, with global holdings increasing by 62 tons. Meanwhile, influenced by factors such as rising demand for safe haven, global investment in gold bars and coins reached 474 tons in the first quarter, a year-on-year increase of 42%. Among them, the demand for gold bars and coins in China reached 207 tons in the first quarter, a year-on-year increase of 67%, setting a new quarterly high. In terms of consumption, affected by the high operation of gold prices, the global demand for gold jewelry consumption in the first quarter was 300 tons, a year-on-year decrease of 23%. But in the first quarter, the consumption of gold jewelry reached 47 billion US dollars, a year-on-year increase of 31%. The demand for gold jewelry in China in the first quarter was 85 tons, a year-on-year decrease of 32% and a month on month increase of 4%. This indicates that against the backdrop of historically high gold prices, consumers' willingness to purchase gold jewelry remains robust. In the first quarter, the popularity of hard gold jewelry in China did not decrease. With its lightweight design and flexibility, especially when paired with other materials such as gold, diamonds, and colored gemstones, it attracts young consumers. ”The report points out that the demand for high-end gold jewelry remains resilient, and high-end products centered around antique gold are favored by consumers due to their exquisite craftsmanship, cultural connotations, and consumer experience. The World Gold Council stated that the volatility of gold prices will significantly increase in 2026, with international gold prices briefly breaking through $5400 per ounce and reaching a high point in January, followed by a significant but still controllable pullback. The upward trend of gold prices combined with intensified geopolitical risks has boosted the demand for gold investment, with Asian markets performing particularly well. Investors are allocating physical gold to seek safe haven and value preservation. (Looking into the New Era)