Demand and Supply

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.

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.

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. 

第2四半期の金の総需要（OTC投資を含む）は前年同期比3％増の1,249トンでした。金額ベースでは、前年同期比45％と大幅増の1,320億米ドルとなりました。

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.

Solid inflows into global gold ETFs in Q3 helped drive 5% y/y growth in total gold demand to a record 1,313t. This was reflected in the gold price, which reached a series of new record highs during the quarter. Jewellery demand weakened as a result, despite an uplift from India.

金需要は堅調、記録的な高値が広がる。OTC投資と中央銀行が今期も決定的な影響力を持ちました。

価格を押し上げたのは中央銀⾏とOTC。消費者の健全な購⼊がさらなるサポートとなりました。今期（2024年第1四半期）の金需要（OTC需要を除く）は、ETFの流出が続いたことから、前年同期比5％減の1,102トンとなりました。投資家による旺盛なOTC購入を含めると、金の総需要は前年同期比3％増の1,238トンとなり、第1四半期としては2016年以来の最高となりました。

強力な需要を反映する高い金価格。2023年もまた中央銀行は猛烈な勢いで金を購入し、宝飾品消費の底堅さも相まって、ETFからの大規模な流出を相殺しました。