Chart Gallery

30 October, 2025

 

Chart 1: Investment continued to drive demand growth in Q3

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

GDT Q3 2025: Executive Summary

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

*Data as of 30 September 2025

 

Chart 2: Scope for further investment growth, central bank buying spree continues,  fabrication outlook remains weak 

Expected change in annual gold demand and supply

GDT Q3 2025: Outlook Chart

Sources: World Gold Council; Disclaimer

*Data as of 30 September 2025.

 

Chart 3: Gold price saw another record-breaking quarter

Daily gold price in key currencies, indexed to 1 January 2025*

GDT Q3 2025: Jewellery Chart 1

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

*Data as of 30 September 2025

 

Chart 4: Record price pressured gold jewellery demand volumes, but boosted value

Quarterly gold jewellery consumption, tonnes and value *

GDT Q3 2025: Jewellery Chart 2

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

*Data as of 30 September 2025

 

Chart 5: Gold ETFs have had their strongest y-t-d inflows since 2020

Quarterly ETF demand and assets under management (AUM), by region

GDT Q3 2025: Investment Chart 1

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

*Data as of 30 September 2025

 

Chart 6: Y-t-d bar and coin investment at a 12-year high 

Q1-Q3 global bar and coin investment by country/region, tonnes

GDT Q3 2025: Investment Chart 1

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

*Data as of 30 September 2025

 

Chart 7: Central bank gold demand remains on course for another stellar year

Annual central bank gold demand, tonnes*

GDT Q3 2025: Central Banks Chart 1

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 30 September 2025.

 

Chart 8: The National Bank of Poland remains the largest buyer in 2025 despite a recent pause

Reported y-t-d central bank gold demand, tonnes*

GDT Q3 2025: Central Banks Chart 2

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

 

Chart 9: Y-t-d global mine production edged past the 2018 record

Annual and y-t-d global mine production by quarter, tonnes

GDT Q3 2025: Supply Chart 1

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

*Data as of 30 September 2025

 

Chart 10:  At above 1,000t y-t-d, recycling is elevated, but remains relatively unreactive to the surging price

Y-t-d recycling supply, tonnes

GDT Q3 2025: Supply Chart 2

Sources: Metals Focus, World Gold Council; Disclaimer

*Data as of 30 September 2025

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