At the end of the first quarter, upstream physical gold demand experienced a seasonal rebound. In March, the gold price weakened, narrowing gains for the first quarter of 2026. The dollar-denominated London Bullion Market Association (LBMA) afternoon gold price fell by 12% during the month. Major banks, jewelry manufacturers, and refineries withdrew 134 tons of gold from the Shanghai Gold Exchange in March, representing a 57% increase from the previous month and a 12% rise compared to the same period last year.