In April, the World Gold Council reported that global gold ETFs experienced a record outflow of $12 billion in March. According to Jin10, this significant outflow halved the first quarter's inflow to $12 billion and ended North America's nine-month streak of inflows. Despite this trend, Asia saw strong inflows, achieving a record quarterly growth that helped maintain the overall inflow trend for the first quarter. Despite the sell-off, global gold holdings increased by 62 tons in the first quarter, and liquidity in the gold market remained robust, with trading volumes rising across major venues.