Gold Demand Trends

US gold demand more than doubled to 679t in 2025, driven almost entirely by strong investment demand in physically-gold‑backed ETFs. US‑listed ETFs added 437t of demand,  pushing holdings to a record 2,019t (US$280bn AUM). Jewellery, technology, and bar‑and‑coin demand softened amid historically high gold prices, even as value‑based purchasing – particularly for jewellery – held relatively firm. Geopolitical uncertainty, rate expectations, and a weaker dollar supported strong investor appetite in 2025, reinforcing gold’s role as a strategic asset.

Overall gold demand in the US rebounded in the third quarter, in which demand of 186t grew 58% y/y. NA ETF inflows reached $16bn (137t) in Q3 and cumulative net inflows his US$37bn through September. Average daily trading volumes of US listed products grew 37% y/y in the quarter, and carried this momentum into October increasing 51% m/m to a new record of US$208bn (1,587t) per day. 

Quarterly gold demand rose to a record in tandem with the price.  Growth was primarily from accelerating investment demand, which accelerated on a powerful combination of safe haven buying in an uncertain geopolitical environment, US dollar weakness and investor “FOMO” as the price continued to climb. 

Quarterly gold demand rose to a record in tandem with the price.  Growth was primarily from accelerating investment demand, which accelerated on a powerful combination of safe haven buying in an uncertain geopolitical environment, US dollar weakness and investor “FOMO” as the price continued to climb. 

US demand fell 34% q/q to 124t, but the decline was partially offset by strong gold-backed ETF demand. NA ETF inflows reached $21bn in H1 and are currently on pace for their second strongest year on record. Bullion exports started the year off strong with the US exporting ~268t through May, and are on pace to surpass 2024 volumes.

第2四半期の金の総需要（OTC投資を含む）は前年同期比3％増の1,249トンでした。金額ベースでは、前年同期比45％と大幅増の1,320億米ドルとなりました。

A second quarter of significant investment in gold-backed ETFs, along with elevated bar and coin buying, drove total Q2 gold demand up 3% y/y to 1,249t. Meanwhile, jewellery consumption weakened further in the face of record gold prices.

A sharp upsurge in gold ETF investment, along with elevated bar and coin buying, drove total Q1 gold demand to 1,206t - its highest for a first quarter since 2016. Jewellery consumption was contrastingly weak as the gold price hit successive new record highs during the quarter.

A sharp upsurge in gold ETF investment, along with elevated bar and coin buying, drove total Q1 gold demand to 1,206t - its highest for a first quarter since 2016. Jewellery consumption was contrastingly weak as the gold price hit successive new record highs during the quarter.

Central bank buying – which topped 1,000t for the third year in a row – along with a return of Western ETF investment lifted gold demand to a record of 4,974t (US$382bn). The gold price reached multiple record highs during the year, which weighed on global jewellery consumption.