Chart Gallery

30 April, 2025

 

Chart 1: Gold demand is buoyed by strong Q1 ETF inflows

Quarterly gold demand by sector in volume, tonnes, and value, US$bn*

GDT Q1 2025: Front Cover Chart

Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer

*Data to 31 March 2025.

 

Chart 2: Investment gathers pace and joins strong central bank demand but consumers retreat 

Expected change in annual gold demand and supply*

GDT Q1 2025: Outlook Chart 1

*Data to 31 March 2025 Source: Metals Focus, World Gold Council

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 31 March 2025

 

Chart 3: Gold continues to set successive new records so far in 2025

Daily gold price, US$/oz

GDT Q1 2025: Jewellery Chart 1 (Price)

Sources: ICE Benchmark Administration, World Gold Council; Disclaimer

*Data to 31 March 2025. 

 

Chart 4: Record gold price subdues gold jewellery volume but boosts value

Quarterly gold jewellery demand, tonnes, and value, US$bn

GDT Q1 2025: Jewellery Chart 2

Sources: Metals Focus, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data to 31 March 2025

 

Chart 5: Q1 ETF inflows show a broad based surge

Gold ETF flows by key market, tonnes*

GDT Q1 2025: Investment Chart 1

*Data as of March 31 2025.
Source: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council

 

Chart 6: Q1 Chinese bar and coin demand sees the second strongest quarter on record

Chinese quarterly gold bar and coin demand, tonnes, and value, US$bn*

GDT Q1 2025: Investment Chart 2

*Data as at 31 March 2025 Source: Metals Focus, ICE Benchmark Administration, World Gold Council

Sources: Metals Focus, ICE Benchmark Administration, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 March 2025

 

Chart 7: Central bank gold demand remains healthy in Q1

Quarterly central bank net purchases, tonnes*

GDT Q1 2025: Central Banks Chart 1

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 31 March 2025.

 

Chart 8: The National Bank of Poland buys the most gold in Q1

Net purchases and sales by country, tonnes*

GDT Q1 2025: Central Banks - Chart 2

Sources: IMF IFS, respective central banks, World Gold Council; Disclaimer

*Data to 31 March 2025 where available at the time of writing. Note: chart includes only purchases/sales of 1t or more. SOFAZ represents the State Oil Fund of Azerbaijan (SOFAZ).

 

Chart 9: Global mine production reaches new Q1 record

Q1 mine production by year, tonnes*

GDT Q1 2025: Supply Chart 1

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

*Data to 31 March 2025.

 

Chart 10: Recycled gold volumes fall in Q1 despite the jump in gold prices

Quarterly supply of recycled gold by region, tonnes*

GDT Q1 2025: Supply Chart 2

Sources: ICE Benchmark Administration, Metals Focus, World Gold Council; Disclaimer

*Data to 31 March 2025

Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]