Gold has rallied more than 16% this year – ING

In precious metals, exchange-traded funds (ETFs) added 23 tonnes of Gold in the last trading session, the biggest one-day increase since 2022, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

Trump’s unpredictable trade policy is the key driver for Gold

"Over the first quarter of 2025, Gold-backed ETFs have seen net inflows of around 155 tonnes so far, lifting the total to the highest since September 2023. If this trend is sustained, it will help support prices."

"There’s still room for further additions given the current total remains shy of the peak hit in 2020. Gold-backed ETFs saw outflows over the last few years. Global holdings in Gold ETFs were effectively flat in the fourth quarter and ended the year very close to where they started it even as Gold prices surged 27%."

"Gold has rallied more than 16% this year as escalating trade actions bolstered safe-haven buying. US President Trump’s unpredictable trade policy is the key driver for Gold. We see uncertainty over trade and tariffs continuing to buoy Gold prices."