BIRMINGHAM, ENGLAND - DECEMBER 13: A jewellery quarter gold dealer poses with three 1kg gold bullion bars on December 13, 2023 in Birmingham, England. Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. (Photo by Christopher Furlong/Getty Images)Getty ImagesGlobal gold-backed exchange-traded funds (ETFs) recorded their third consecutive month of inf ...

Core Viewpoint - Global gold ETFs experienced inflows of $3.2 billion in July, indicating strong interest in the gold market, particularly in gold-backed exchange-traded funds, which are on track for their second-strongest year on record [1] Group 1: Market Trends - The gold market has seen unprecedented interest due to factors such as tariffs and inflation, leading to record highs for the precious metal [1] - Gold is traditionally viewed as a safe-haven investment, attracting capital during periods of uncertainty and volatility [2] - The growth in gold investments is primarily driven by U.S. investors, with significant inflows also coming from Asia [3] Group 2: Investment Dynamics - The gold trade continues to gain momentum across various forms, including physical gold, mining stocks, and ETFs, despite some recent tariff concerns that were alleviated [4] - Inflows into gold ETFs have been described as "staggering" compared to previous years, yet investors are less hedged in relation to the equity market than a decade ago, suggesting potential for further allocation into gold ETFs [5] - Gold-focused ETFs represent a smaller segment of the overall gold trade, but the demand for physical gold ownership is also increasing globally [6] Group 3: Comparative Analysis - U.S. bitcoin ETFs account for about 7% of the total market capitalization of bitcoin, while gold ETFs make up less than 1%, indicating room for growth in gold ETFs [7] - Gold ETFs are considered effective vehicles for tracking the spot price of gold and serve as a great allocation option for investors [7]

Gold ETF Market Trends - Gold ETFs are experiencing unprecedented interest, driven by risk and uncertainty in the market [2] - Gold ETFs can serve as a hedge against market downturns and unclear risks in portfolios [3] - While gold ETF flows are strong, their percentage of the S&P 500 market capitalization has decreased from 6% to 03% over the last decade, suggesting potentially less hedging in portfolios relative to the equity market [6] - The European ETF market accounts for approximately 35% of the global gold-backed ETF market [11] - Asia, particularly China, India, and Japan, has seen significant growth in gold ETF markets in the last two years [11] Factors Influencing Gold Prices - Central banks' increasing allocation to gold reserves is a significant driver of gold prices [15] - Central banks are diversifying away from the dollar and into gold [15] - Geopolitical risks, Fed decisions, fiscal spending, and inflation are key factors influencing gold prices [13] Tariffs and Market Impact - The market anticipates that gold in the investment and wholesale context will not be subject to tariffs [17] - President Trump's statement on social media has calmed the market regarding potential gold tariffs [18] Innovation in Gold Products - It is difficult to improve upon existing gold ETFs like GLD for tracking the spot price of gold [22][23] - The industry is exploring digitization to improve access to the gold market, potentially creating a "stable gold" alongside ETFs [25][26]

Core Insights - Gold has seen significant demand this year due to U.S. policy uncertainty and geopolitical tensions, leading to substantial investments in gold ETFs, with global inflows reaching $43.6 billion as of August 15, 2025, potentially surpassing the record of $49.5 billion set in 2020 [1][11] Group 1: Investment Trends - North America contributed approximately $24 billion in gold ETF inflows, marking its second-strongest annual performance, with SPDR Gold Shares (GLD) attracting $9.6 billion, followed by iShares Gold Trust (IAU) with $6.1 billion and SPDR Gold MiniShares Trust (GLDM) with $4.8 billion [2] - China led international inflows with $7.8 billion, followed by the UK ($2.9 billion), Switzerland ($2.5 billion), Japan and France ($1.2 billion each), and India and Germany ($1.1 billion each) [3] Group 2: Market Drivers - U.S. policy uncertainty, particularly regarding tariffs, has driven investors towards gold as a defensive investment, with gold traditionally serving as a wealth preservation tool during financial and political instability [4] - A weaker U.S. dollar, down 9.4% this year, and increased central bank purchases have also supported gold prices, with 95% of central banks expecting to increase their gold reserves in the next 12 months [5] - The likelihood of interest rate cuts by the Federal Reserve has risen, with markets predicting over 90% probability for cuts in September, making gold more attractive compared to fixed-income investments [6] Group 3: ETF Details - SPDR Gold Trust ETF (GLD) has an AUM of $103.5 billion, with an average daily volume of 9.3 million shares and annual fees of 40 bps [7] - iShares Gold Trust (IAU) has an AUM of $48.6 billion, with average daily volumes of 6 million shares and annual fees of 25 bps [9] - SPDR Gold MiniShares Trust (GLDM) has an AUM of $16.8 billion, with an average daily volume of 3 million shares and low annual fees of 10 bps [10] Group 4: Future Outlook - Given the ongoing tariff uncertainties and potential Fed rate cuts, investor interest in gold ETFs is expected to remain robust in the coming months [11]

Core Insights - Rising global trade tensions and increasing fiscal debt are driving investors towards safe-haven assets, particularly gold, leading to upgraded price forecasts by analysts [1][4] Gold Price Forecasts - The median forecast for gold in 2025 has increased to $3,220 per troy ounce from $3,065, while the 2026 projection has risen to $3,400 from $3,000 [2] - Spot gold has gained 27% year to date, reaching a record $3,500 per ounce in April amid escalating U.S.-China trade tensions [2] Demand Drivers - Investor demand for gold is fueled by uncertainty over trade deadlines and growing fiscal fears, exacerbated by the passage of Trump's "One Big Beautiful Bill," which is expected to add $3.3 trillion to the national debt [4] - Central bank buying is a significant factor in gold's strength, with China increasing its gold reserves for eight consecutive months and nearly 40% of central banks acquiring gold due to geopolitical risks [6] Market Dynamics - Despite gold's recent gains, it remains below its April highs, with analysts noting a short-term market consolidation and a lack of immediate catalysts for a rally [5] Investment Opportunities - Investors can consider gold ETFs such as SPDR Gold Trust (GLD), iShares Gold Trust (IAU), and mining ETFs like VanEck Gold Miners ETF (GDX) as attractive entry points [7]

Core Insights - Gold prices have increased approximately 25% this year, leading to heightened demand and restrictions on purchases at retailers like Costco [2] - A recent HSBC survey indicates that gold allocations among affluent investors have more than doubled from 5% to 11% [2] Group 1: Investor Behavior - High-net-worth individuals are increasingly investing in gold due to its safe-haven appeal amid trade war anxieties and geopolitical tensions [3] - Investors in Asia and the Middle East traditionally allocate 5% to 10% of their portfolios to physical gold or gold-backed investments due to currency fluctuations and high inflation [4] - There is a noticeable increase in U.S. high-net-worth clients seeking to diversify from the depreciating U.S. dollar, finding gold investments simpler to understand [5] Group 2: Investment Options - Futures are popular for short-term gold trading, while physical gold and ETFs are preferred by long-term investors [6] - J.P. Morgan recommends unallocated gold investments, which have lower fees compared to ETFs or allocated bars, allowing clients to invest in fractions starting at $250,000 [7] - Some investors prefer to hold physical gold bars despite higher fees and minimums, reflecting a cautious approach as wealth increases [8]

Investment Rating - The report maintains a Neutral rating on Titan due to demand uncertainty in FY26E caused by elevated gold prices and rich valuation [5][41]. Core Insights - UBS's Basic Materials team forecasts gold prices to rise to US$3,500 in 2026, driven by tariff uncertainty, weak growth, high inflation, and geopolitical risks [2][9]. - India's gold demand is expected to moderate to approximately 725 tonnes in FY26, a 7% year-on-year decline, before recovering to 800 tonnes in FY27 as household consumption stabilizes [4][23]. - Indian households hold the largest stock of gold globally, estimated at 25,000 tonnes, valued at around US$2.4 trillion, which is 56% of FY26 nominal GDP [3][13]. Summary by Sections Gold Price Forecast - Gold prices are projected to increase significantly, with annual averages expected to reach US$3,500 in 2026, reflecting a 23% increase from previous estimates [12]. Consumer Demand for Gold - Consumer demand for gold in India is anticipated to soften in FY26, particularly in jewellery, which constitutes 70% of total demand, expected to decline by 5-10% year-on-year [4][23]. - Retail investment demand remains strong, with a notable increase in gold bars and coins, driven by gold's performance as a safe-haven asset [20]. Economic Context - India's net gold imports are projected to remain high at US$55 billion to US$60 billion in FY26/27, accounting for 1.2% of GDP, despite a manageable current account deficit [40]. - The report highlights that the upcoming pay boost of approximately US$55 billion could support household consumption and stabilize gold demand [39][23]. Gold Mobilization Efforts - Policy initiatives aimed at mobilizing gold for productive uses have seen limited success, with households primarily using gold as collateral for loans [42][45]. - The Gold Monetization Scheme and Sovereign Gold Bonds have not achieved significant participation, leading to a discontinuation of some programs [44][45]. Company-Specific Insights - Titan is expected to pursue aggressive network expansion to capture market share as the market transitions from unorganised to organised [5][41]. - The report notes that while Titan's long-term proposition is favorable, the current demand uncertainty warrants a Neutral rating [5][41].

Core Viewpoint - Gold prices have surged above $3,200 per ounce, prompting major banks to revise their forecasts, with UBS predicting $3,500 and Deutsche Bank targeting $3,700, as investors seek safe havens amid economic uncertainty [1] Group 1: Gold Market Dynamics - The rise in gold prices has led to increased interest in gold mining stocks, alongside physical bullion and gold ETFs, as investors look for amplified exposure to rising gold prices [1] - Junior exploration companies are gaining attention due to promising drill results, indicating significant upside potential in the gold mining sector [2] Group 2: Lake Victoria Gold Developments - Lake Victoria Gold has secured four new Mining Licenses for its Tembo Project in Tanzania, marking a significant advancement in its development strategy [3][5] - The approval of Mining Licenses provides long-term operational visibility, valid for an initial 10-year term with an option for renewal [5] - The Tembo Project has attracted over $28 million in exploration investment, with extensive drilling completed, establishing a strong technical foundation [4] Group 3: Exploration and Resource Potential - Lake Victoria Gold has identified three high-priority targets within the Tembo Project area, showing promising gold grades and potential for resource growth [6] - Notable drilling results at the Ngula 1 target include intercepts of 3.13 grams per tonne (g/t) over 25.89 meters and 22.18 g/t over 15 meters, indicating a potentially significant gold system [7] - At the Nyakagwe Village target, high-grade gold zones have been confirmed, with standout results of 78.1 g/t over one meter and 27.88 g/t over 3.96 meters [8] - Drilling at Nyakagwe East revealed a 300-meter mineralized zone with notable results such as 19.1 g/t over three meters, demonstrating consistency in high-grade intercepts [9] Group 4: Future Development Plans - With Mining Licenses secured, Lake Victoria Gold is evaluating development pathways, including early-stage open-pit mining and potential toll milling options for gold production [10] - The company is also considering a standalone processing plant if future volumes justify in-house processing [11] - A follow-up drill program is planned to convert historical high-grade intercepts into formal resource estimates, with 38 new exploration targets identified across the property [12] Group 5: Strategic Partnerships - Lake Victoria Gold maintains options for partnerships, having previously sold non-core licenses to Barrick Gold, which supports the advancement of the Tembo Project while providing potential upside from discoveries near the Bulyanhulu Mine [13] Group 6: Broader Industry Context - Other companies in the gold sector, such as Integra Resource Corp. and GoldMining Inc., are also advancing their projects, with significant exploration programs and permitting processes underway, reflecting a robust interest in gold mining opportunities [15][16][17]