As a result, gold exchange-traded funds ( ETFs ) demand across the globe exploded with to 364 tonnes. Moreover, central banks remained strong buyers, purchasing 109 tonnes of gold during the quarter.

Uncertainty over global central bank policies is deepening. Investors seemed to be concerned about the eroding effectiveness or far-reaching negative consequences of unconventional monetary experiments, such as quantitative easing programmes and negative interest rates. Fundamentally, gold seems to be on a solid footing as central banks have again hit the wall. Gold should benefit as central banks attempt further measures through newer, unconventional and untested approaches to revive growth.