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
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
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
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
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