Gold Demand Trends: Q1 2026

Gold demand saw a modest y/y increase in Q1 to 1,231t, while value surged to a record US$193bn. Bar and coin investment drove gains, while ETF buying slowed in Q1. Central banks continued to buy in healthy size. Jewellery demand volumes remained under pressure amid record high prices.

Gold Market Primer: Market size and structure

Gold is an attractive means of helping investors diversify their portfolios. Its relative scarcity supports its long-term investment appeal. But its market size is large enough to make it relevant for a wide variety of investors, from individuals to institutions and central banks.

Gold Demand Trends: Q4 and Full Year 2025

Gold demand hit record levels in 2025. Total gold demand (including OTC) topped 5,000t during a year which saw 53 all-time highs in the gold price. Investment fuelled the gold market last year: safe haven and diversification motives drove huge ETF inflows and exceptional bar and coin buying.

Flows rise from Wall Street to the Bund

Global physically backed gold ETFs added US$8.2bn in October, the fifth consecutive monthly inflow. North America (+US$6.5bn) and Asia (US$+6.1bn) led global inflows, while European funds lost US$4.5bn, the only region with outflows in the month. Continued inflows and gold price strength lifted global gold ETFs’ total AUM 6% higher m/m to US$503bn, another month-end peak, and holdings climbed 1% m/m to 3,893t, 1% away from the record level of 3,929t.

Gold Demand Trends: Q3 2025

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. 

West won’t rest – Q3 breaks records

Global physically backed gold ETFs recorded their largest monthly inflow in September (US$17bn), resulting in the strongest quarter on record of US$26bn. North American (US$10.6bn) and European funds (US$4.4bn) drove the bulk of inflows. Followed by Asia (US$2.1bn) and other regions (US$175mn). Supported by a rallying gold price, global gold ETFs’ total AUM rose 23% q/q to US$472bn, reaching another record, and holdings rose 6% q/q to 3,838t.

Risks channel August inflows West

Global physically backed gold ETFs saw inflows three months in a row, adding US$5.5bn in August. North American and European funds led inflows while Asia experienced continued outflows. Supported by continued inflows and a higher gold price, global gold ETFs’ total AUM rose 5% to US$407bn, another month-end record. Meanwhile, holdings rebounded 53t to 3,692t.

US and Europe anchor July inflows

Global physically backed gold ETFs saw continued inflows, adding US$3.2bn in July, mainly from North America and Europe. Continued inflows and a higher gold price pushed global gold ETFs’ total AUM 1% higher to US$386bn whilst holdings rose by 23t to 3,639t.

US Gold Demand Trends Q2 2025

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.