Gold Demand Trends: US Focus Q4 and Full Year 2025

A defining year for US gold investment

Explosive ETF demand offset widespread consumer softness

Total gold demand in the US surged to 679t in 2025, but its composition told a more nuanced story than the headline total. Investment – specifically gold ETFs – was the clear driver of demand growth, dominating the US market as investors responded to a year of heightened geopolitical risk, shifting rate expectations, and a relentless rise in the gold price. 

US listed physically backed gold ETFs were the only segment to expand, driving the bulk of total US demand and pushing collective holdings (2,019t) to new highs. Strong momentum, safe-haven buying, and portfolio diversification needs kept investor appetite elevated throughout the year.

In contrast, bar and coin investment weakened, while the value of demand remained resilient, supported by momentum buying and an active secondary market. Additionally, historical patterns suggest that this type of demand tends to soften under Republican administrations.

Jewellery demand cooled as higher gold prices limited purchases of heavier pieces. Even so, value‑based spending rose, supported by strong appetite for premium, high‑carat jewellery among higher‑income consumers despite broader affordability pressures.

Technology demand eased slightly, mirroring global trends as US fabrication faced mixed conditions across major electronics hubs and ongoing supply‑chain realignments.

Overall, 2025 marked a decisive shift in the structure of US gold demand: investment took centre stage, while price‑sensitive consumer categories moderated – an increasingly familiar dynamic in years marked by economic uncertainty and strong price performance.

ETF momentum saves US gold demand

A rallying gold price marked by 53 record highs¹ helped create a reinforcing demand feedback loop in which ETF investment rose alongside the underlying gold price. As a result, gold ETFs played an outsized role, accounting for roughly two-thirds of both quarterly and annual demand (Chart 2).

While the higher gold price undoubtedly supported investment inflows, the primary factors that drive gold were unusually balanced during the year.²

At the macro level, intensifying geopolitical and geoeconomic tensions, combined with a weaker US dollar and modestly lower interest rates, prompted investors to seek both safe‑haven assets and portfolio diversification.

This backdrop supported gold investment globally, where physically-backed gold ETFs recorded their strongest year of inflows on record (US$89bn) and the second‑highest annual demand ever (801t). The US was the key engine of this surge: US-listed ETFs attracted US$50bn of inflows and 437t of demand, representing more than half of global totals.

Note that US funds also recorded their strongest year of inflows (Chart 3).

In tonnage terms, demand recorded its second strongest year on record (Chart 4).

The three strongest years for both gold ETF fund flows and demand have occurred during periods of significant global stress: the Global Financial Crisis (GFC), the COVID-19 pandemic (2020), and the heightened geopolitical uncertainty of 2025.

However, periods of risk do not always align neatly with calendar years, and cumulative ETF holdings still sit below levels reached during previous episodes of heightened uncertainty.

In addition, gold remains under‑allocated within the broader investment universe. As a rough proxy, comparing the market share of gold-backed ETFs to total ETF assets shows that – even with 2025’s increase – gold’s share remains below its 2020 level and well under its peak during the GFC (Chart 5).

North America retail investment 

Below are key takeaways from recent conversations with North American dealers on current market trends:

• Retailers describe the environment as “COVID-esque,” marked by overwhelming order volumes, constant news flow, supply stress, and heightened customer anxiety
• Record‑high volumes are stretching processing capacity at major dealers, slowing fulfilment times. Instead of discouraging clients, these delays are, in some cases, amplifying customers’ urgency to buy more
• Retailers are adding new customers at a rapid rate, with anecdotal evidence pointing to increased interest from younger consumers. Costco also remains a net positive for industry awareness
• Profitability remains strong, with dealers widening margins by sourcing product from the secondary market rather than from mints
• Dealers report significant growth in metals‑related IRA activity, a trend they expect to accelerate further.

Footnotes:

¹Based on the LBMA PM benchmark price.

²Please visit our 2026 Outlook for more colour on what drove gold’s impressive surge.