The World Gold Council’s latest report reveals that gold demand reached an unprecedented 1,313 tonnes in Q3 2025, valued at $146b. This surge was primarily fuelled by heightened investment demand, which rose by 47% year-on-year to 537 tonnes, accounting for 55% of the total net gold demand. The increase is attributed to geopolitical instability, a weakening US dollar, and investor fear of missing out as gold prices climbed.
Investment in gold exchange-traded funds (ETFs) was a significant contributor, with global inflows reaching 222 tonnes, marking the eighth consecutive quarter of growth in Asia. Bar and coin investments also saw a 17% year-on-year increase, with Singapore’s demand growing by 47% to 1.8 tonnes.
Central banks increased their gold purchases by 28% compared to the previous quarter, totalling 220 tonnes. Despite record-high gold prices, jewellery demand declined by 19% year-on-year, although the value of gold jewellery bought globally reached a record $112b.
Shaokai Fan, Head of Asia-Pacific (ex-China) and Global Head of Central Banks at the World Gold Council, noted, “With the record high level of gold demand and prices in Q3 2025, we expect gold demand to remain strong, with continued acceleration of gold ETF accumulation as well as bar and coin.”
The report highlights that total gold supply also reached a quarterly record of 1,313 tonnes, with mine production increasing by 2% year-on-year. The outlook for gold remains optimistic, with potential further gains driven by continued US dollar weakness and lower interest rate expectations.
