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
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