Global Gold Demand Hits an All-Time Record
Global demand for gold recorded its strongest quarterly performance ever in the third quarter of 2025, rising 3% year-on-year as investment demand remained strong.
According to the World Gold Council (WGC), gold demand reached the highest level since records began. Heightened geopolitical risks, persistent inflation, and a weakening U.S. dollar encouraged investors to seek safety in gold.
Total demand, including OTC, increased 3% to 1,313 tons — the highest quarterly level ever measured. In monetary terms, demand jumped 44% to $146 billion.
“Investors Are Seeking Safe Havens”
Louise Street, Senior Market Analyst at WGC, said: “Rising geopolitical tensions, stubborn inflation, and uncertainty in global trade policies have driven investors to protect their portfolios by turning to safe assets like gold.”
Since the beginning of the year, total gold demand has reached 3,717 tons, valued at $384 billion, marking a 41% increase compared to last year.
ETF and Physical Investment Demand Remain Strong
Investor appetite focused on exchange-traded funds (ETFs) and physical gold. ETF holdings rose by 222 tons in the third quarter, while bar and coin demand exceeded 300 tons (316 tons) for the fourth consecutive quarter.
Central Banks Bought 220 Tons of Gold
Central banks continued to support global demand, purchasing 220 tons in Q3 — up 28% from the previous quarter. Total purchases since the start of the year reached 634 tons, slightly below 2024’s record of 724 tons.
Jewelry Demand Under Price Pressure
Historically high gold prices weighed on jewelry consumption, which fell to 371 tons. However, in value terms, jewelry demand rose 13% to $41 billion thanks to higher gold prices.
