Chart Gallery
29 January, 2026
Chart 1: Global annual gold demand breaches 5,000t and US$500bn
Annual gold demand in tonnes and US$bn*
GDT FY 2025: Front cover
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 December 2025.
Chart 2: Strong investment and central bank demand offsets weak jewellery; supply response modest
Expected change in annual gold demand*
GDT FY 2025: Outlook Chart 1
Sources: Metals Focus, World Gold Council; Disclaimer
*Data as of Q4 2025
Chart 3: The corrosive impact of elevated geopolitical risk is visible across bond markets
10-year Treasury bond yield estimated term premia and G7 geopolitical risk score*
GDT FY 2025: Outlook Chart 2
Sources: Bloomberg, World Gold Council; Disclaimer
*Data from Q1 2022 to Q4 2025. Term premia based on ACM model for respective countries. G7 geopolitical risk score is a composite of GeoQuant’s political risk scores for the G7 compiled by Bloomberg.
Chart 4: European investor appetite improving
Cumulative tonnage demand for US and European gold ETFs and bar and coin demand*
GDT FY 2025: Outlook Chart 3
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data from Q1 2023 to Q4 2025.
Chart 5: Gold is regaining its share of official foreign exchange reserves
Gold, US dollar, euro, yen claims as a share of official foreign exchange reserves*
GDT FY 2025: Outlook Chart 4
Sources: Bloomberg, Metals Focus, World Gold Council; Disclaimer
*Data from January 1990 to 31 December 2025. IMF COFER data aggregates central banks’ and monetary authority reserve holdings by currency. Metals Focus cumulative unreported central bank holdings added to reported IMF holdings which are reported separately to COFER data.
Chart 6: Recycling has recently become less responsive to price changes
Cumulative tonnage demand for US and European gold ETFs and bar and coin demand*
GDT FY 2025: Outlook Chart 5
Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer
*Data from Q1 2000 to Q4 2025. Plot shows the relationship between the q/q % change in spot gold in US$/oz vs the change in recycling. The sample is divided into pre-Q2 2022 and post Q2 2022. 4.8x and 1.6x shows the associated change in tonnes for a 1% change in the gold price. The relationship holds whether we look at the level of recycling or the q/q change in recycling. It also holds, but with a smaller change in slope (3.6x) if we control for the global level of unemployment (Proxy for distress – the need to sell) and the median year-ahead forecast for gold (motivation to hold on to gold) from contributors to Bloomberg Commodity Forecasts.
Chart 7: 2025 was a record-breaking year for the gold price in all currencies
Gold price in various currencies, indexed to 1 Jan 2025*
GDT FY 2025: Jewellery Chart 1
Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data to 31 December 2025.
Chart 8: Growth in China’s jewellery demand value continues to outstrip volume declines
Jewellery demand in tonnage and RMBbn value*
GDT FY 2025: Jewellery Chart 3
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 December 2025.
Chart 9: Jewellery value rose across the board on positive consumer appetite
Jewellery demand, y/y change in tonnage and US$ value by region*
GDT FY 2025: Jewellery Chart 2
Sources: Metals Focus, World Gold Council; Disclaimer
*Data to 31 December 2025.
Chart 10: Safe haven flows helped generate the second highest year of global ETF demand
Global ETF holdings, tonnes, and AUM, US$bn*
GDT FY 2025: Investment Chart 1
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer
*Data to 31 December 2025
Chart 11: Bar and coin investment jumped to a multi-year high of 1,374t and a record value of US$154bn
Annual bar and coin demand by region, tonnes and US$ value*
GDT FY 2025: Investment Chart 2
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 December 2025.
Chart 12: Central bank demand in 2025 remained resilient in the face of record gold prices
Annual central bank net purchases, tonnes*
Chart 12: Central bank demand in 2025 remained resilient in the face of record gold prices
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 December 2025.
Chart 13: The National Bank of Poland topped global gold purchases in 2025
Reported 2025 central bank gold demand, tonnes*
GDT FY 2025: Central Banks Chart 2
Sources: IMF, respective central banks, World Gold Council; Disclaimer
*Data to 31 December 2025 where available.
Chart 14: Estimates suggest that gold mine production…just…reached a new record in 2025
Annual mine production, tonnes*
GDT FY 2025: Supply Chart 1
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 December 2025.
Chart 15: Global gold recycling did not respond to the rapid rally in price
% change in annual recycled gold supply, in tonnes, and the annual average gold price, US$/oz*
GDT FY 2025: Supply Chart 2
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer
*Data to 31 December 2025.
Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
