Chart Gallery

31 July, 2025

 

Chart 1: H1 gold demand volume firms, while value rockets

Total H1 demand by sector in tonnes, and value (US$bn)*

Chart 1: H1 gold demand volume firms, while value rockets

Chart 1: H1 gold demand volume firms, while value rockets
Total H1 demand by sector in tonnes, and value (US$bn)*
Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer *Data to 30 June 2025.

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

*Data to 30 June 2025.

 

Chart 2: Investment solid, fabrication troughs, central banks pare back and supply responds 

Expected change in annual gold demand and supply*

Chart 2: Investment solid, fabrication troughs, central banks pare back and supply responds

Chart 2: Investment solid, fabrication troughs, central banks pare back and supply responds
Expected change in annual gold demand and supply*
Sources: World Gold Council; Disclaimer *Data to 30 June 2025.

Sources: World Gold Council; Disclaimer

*Data to 30 June 2025.

 

Chart 3: Distress-selling not on the cards, yet

Growth in real disposable income among biggest recycling markets*

Chart 3: Distress-selling not on the cards, yet

Chart 3: Distress-selling not on the cards, yet
Growth in real disposable income among biggest recycling markets*
Sources: Macrobond, Oxford Economics, World Gold Council; Disclaimer *Data to 30 June 2025

Sources: Macrobond, Oxford Economics, World Gold Council; Disclaimer

*Data to 30 June 2025

 

Chart 4: Q2 saw a sharp, near-universal y/y drop in jewellery tonnage, led by India and China

Quarterly jewellery demand, tonnes and value*

GDT Q2 2025: Jewellery Chart 1

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

*Data to 30 June 2025.

 

Chart 5: Record gold prices have sparked growing divergence between volumes and value

Year-on-year change in H1 jewellery demand, tonnes and value*

GDT Q2 2025: Jewellery Chart 2

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

*Data to 30 June 2025.

 

Chart 6: Global ETF inflows continued apace, with positive investment across all regions

Half-yearly gold-backed ETF demand by region, tonnes*

GDT Q2 2025: Investment Chart 1

Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data to 30 June 2025.

 

Chart 7: Healthy Q2 bar and coin investment contributed to the strongest first half since 2013

Quarterly bar and coin demand by key market, tonnes and value*

GDT Q2 2025: Investment Chart 2

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

*Data to 30 June 2025.

 

Chart 8: Central bank demand slowed again in Q2, but remained at a healthy level

Quarterly central bank demand, tonnes*

GDT Q2 2025: Central Banks Chart 1

Sources: Metals Focus, World Gold Council; Disclaimer

*Data to 30 June 2025.

 

Chart 9: Global mine production up 1% y/y on broad-based growth across regions

H1 mine production by year, tonnes*

GDT Q2 2025: Supply Chart 1

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

*Data to 30 June 2025.

 

Chart 10: Recycling supply remains relatively unreactive to gold price strength

Quarterly gold recycling volumes, tonnes, and the gold price, US$/oz*

GDT Q2 2025: Supply Chart 2

Sources: ICE Benchmark Administration, Metals Focus; Disclaimer

*Data to 30 June 2025

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