Global demand for gold reached an all-time high of 5 002 t in 2025, driven largely by surging investment activity as investors sought a safe haven amid ongoing economic and geopolitical uncertainty, the World Gold Council (WGC) reports in its latest 'Gold Demand Trends' report.

Investment demand was the main contributor to gold’s record-breaking year, reaching 2 175 t globally. Investors bought significant amounts of gold exchange-traded funds (ETFs), which added 801 t during the year, while bullion demand through bars and coins rose to 1 374 t, valued at $154-billion.

China and India recorded strong gains in these categories, with yearly increases of 28% and 17% respectively, accounting for more than half of the global demand.

Central banks also maintained elevated buying in 2025, adding 863 t of gold to official reserves. While this fell below the 1 000 t mark reached in previous years, the official sector remained a significant factor in overall gold demand.

In contrast, global jewellery demand softened as expected, declining by 18% compared with 2024. The total value of gold jewellery bought, however, increased by 18% to $172-billion, reflecting continued consumer interest in gold despite rising prices.

Total gold supply also set a new record, with mine production reaching 3 672 t and recycling increasing by 3%, remaining subdued despite high prices.

“2025 saw surging demand for gold and rocketing prices. Consumers and investors alike bought and held gold in an environment where economic and geopolitical risks have become the new normal. Investment demand stole the show as investors raced to access gold through all available routes, but other segments played a supporting role.

“Jewellery demand dipped by only 18% year-on-year against a 67% price increase – highlighting continued consumer willingness to buy at elevated prices, and central banks remained firmly committed to bolstering reserves.

“With economic and geopolitical uncertainty showing little sign of retreat in 2026, momentum from last year’s strong gold demand is likely to persist. Price rallies so far this year are inching gold [above] $5 000/oz, suggesting that investors will continue to turn to gold as a long-term store of value and source of diversification,” WGC senior markets analyst Louise Street says.