Gold Demand Trends

US gold demand more than doubled to 679t in 2025, driven almost entirely by strong investment demand in physically-gold‑backed ETFs. US‑listed ETFs added 437t of demand,  pushing holdings to a record 2,019t (US$280bn AUM). Jewellery, technology, and bar‑and‑coin demand softened amid historically high gold prices, even as value‑based purchasing – particularly for jewellery – held relatively firm. Geopolitical uncertainty, rate expectations, and a weaker dollar supported strong investor appetite in 2025, reinforcing gold’s role as a strategic asset.

Gold demand hit record levels in 2025. Total gold demand (including OTC) topped 5,000t during a year which saw 53 all-time highs in the gold price. Investment fuelled the gold market last year: safe haven and diversification motives drove huge ETF inflows and exceptional bar and coin buying.

Overall gold demand in the US rebounded in the third quarter, in which demand of 186t grew 58% y/y. NA ETF inflows reached $16bn (137t) in Q3 and cumulative net inflows his US$37bn through September. Average daily trading volumes of US listed products grew 37% y/y in the quarter, and carried this momentum into October increasing 51% m/m to a new record of US$208bn (1,587t) per day. 

Quarterly gold demand rose to a record in tandem with the price.  Growth was primarily from accelerating investment demand, which accelerated on a powerful combination of safe haven buying in an uncertain geopolitical environment, US dollar weakness and investor “FOMO” as the price continued to climb. 

US demand fell 34% q/q to 124t, but the decline was partially offset by strong gold-backed ETF demand. NA ETF inflows reached $21bn in H1 and are currently on pace for their second strongest year on record. Bullion exports started the year off strong with the US exporting ~268t through May, and are on pace to surpass 2024 volumes.

A second quarter of significant investment in gold-backed ETFs, along with elevated bar and coin buying, drove total Q2 gold demand up 3% y/y to 1,249t. Meanwhile, jewellery consumption weakened further in the face of record gold prices.

A sharp upsurge in gold ETF investment, along with elevated bar and coin buying, drove total Q1 gold demand to 1,206t - its highest for a first quarter since 2016. Jewellery consumption was contrastingly weak as the gold price hit successive new record highs during the quarter.

Central bank buying – which topped 1,000t for the third year in a row – along with a return of Western ETF investment lifted gold demand to a record of 4,974t (US$382bn). The gold price reached multiple record highs during the year, which weighed on global jewellery consumption.