WGC Reports Record-Breaking Global Gold Demand for 2025

Rowan Ashford

Published: January 29, 2026 8:35 AM ET

The World Gold Council (WGC) has reported an unprecedented surge in global gold demand for 2025, driven largely by investment rather than jewellery. This shift highlights the growing trend of investors turning to gold amid economic uncertainties and market volatility.

Record-Breaking Global Gold Demand for 2025

According to WGC, global gold demand reached 5,002 metric tons in 2025, marking a 1% increase from previous years. This amount represents the highest demand recorded to date. The demand was significantly influenced by escalating geopolitical tensions and a weakening U.S. dollar.

Investment Takes the Lead

Investment demand soared by 84% year-over-year, totaling 2,175 tons.
Exchange-traded funds (ETFs) experienced inflows of 801 tons.
Demand for bars and coins increased by 16%, reaching a 12-year high.

John Reade, senior market strategist at WGC, noted the importance of sustained investment demand for maintaining the robustness of the gold market in the current year.

Jewellery Demand Declines

While investment in gold surged, jewellery demand faced challenges. WGC reported that gold jewellery fabrication fell by 19% in 2025. Specifically, purchases in China decreased by 24%, hitting their lowest level since 2009. This trend is attributed to high gold prices, which have surpassed $5,300 per ounce.

Central Bank Purchases

Central banks also adjusted their buying patterns, with gold purchases declining by 21% to 863 tons. The WGC forecasts that buying will further decrease to 850 tons in 2026. Despite this drop, central bank buying remains elevated compared to pre-2022 levels.

Future Predictions and Market Trends

As the price of gold continues to rise, the WGC warns that jewellery demand may further contract. The report also emphasizes that gold’s share in global foreign currency reserves is approaching levels not seen since the early 1990s. This shift suggests a potential reevaluation of investment strategies among central banks.

Gold remains a valuable asset amid economic uncertainty.
Investors are increasingly turning to gold as a safe-haven asset.

The WGC’s analysis indicates that the dynamics of gold demand are changing, with investments steadily shifting the market landscape. As we move through 2026, understanding these trends will be crucial for investors and stakeholders in the gold industry.