World Gold Council or WGC has stated that annual gold demand in 2025 shattered records along with the price. In its latest Gold Demand Trends report, the WGC noted that total gold demand (including OTC investment and stock changes) topped 5,000 tonnes (t) for the first time, driven by huge investment flows. The demand value also smashed the 2024 record, rocketing 45% to US$555 billion (bn). Record Q4 wrapped up a stellar year. Massive ETF inflows, exceptional bar and coin investment and healthy central bank buying combined to generate the strongest ever fourth quarter for gold demand.

Gold investment demand lit up in 2025. Gold-backed ETFs added 801t – marking their second biggest annual increase – while bar and coin buying jumped to a 12-year high of 1,374t. Central bank buying slowed but remained historically elevated. 863t of gold were added to global official reserves during the year.  However, record gold prices weakened gold jewellery consumption. Demand tonnage slid 18% but value shot up 18%, to a record US$172bn, on increased consumer spend. Meanwhile, total annual gold supply reached a new annual high of 5,002t. Modest gains in both mine production and recycling activity contributed to the 1% increase.

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