Gold demand rallied in the closing months of 2017, gaining 6% year-on-year (y-o-y) to 1, tonnes (t) in Q4. But it was too little, too late: full year demand fell by 7% to 4,. ETF inflows, although positive, lagged behind 2016’s stellar growth. Central banks added to global official gold reserves, 5% down on 2016’s net purchases. Bar and coin demand fell 2% on a sharp drop in US retail investment. India and China led a 4% recovery in jewellery, although demand remains below historical averages. Increased use of gold in smartphones and vehicles sparked the first year of growth in technology demand since 2010.