China and India Account for Nearly Half of Global Gold Demand, Data Shows

Gold has fallen roughly 10% since the US‑Iran war began, as higher oil prices and short‑term risk sentiment weighed on the metal. Yet structural demand remains strong: emerging markets accounted for about 70% of global gold demand over the past decade, with China (27%) and India (21%) together representing nearly half of worldwide purchases. China’s central bank extended a buying streak to 17 months, adding 5 tonnes in March (reserves at 2,313 tonnes) and 7 tonnes in Q1. Mine production supplies 74% of output, led by Africa (26%). The piece argues that heavy EM household and institutional demand — particularly from China and India — underpins gold despite recent price weakness.