Gold Demand Trends: Q3 2025

Total gold demand, including OTC, grew 3% y/y to 1,313t, the highest quarterly total in our data series. Yet this was eclipsed by the value measure of demand, which jumped 44% y/y to a record of US$146bn in Q3.

Year-to-date demand is 1% higher at 3,717t, equating to US$384bn in value, up 41% y/y.

Investors remained firmly in the driving seat in Q3. Huge ETF buying (+222t), accompanied by a fourth successive quarter of bar and coin demand above 300t (316t) fuelled the rise in overall demand.

Central bank buying remained elevated at 220t, 28% up on the prior quarter, albeit that y-t-d buying of 634t has been at a slower pace than the 724t bought in the first three quarters of last year.

Jewellery consumption in Q3 posted a double-digit y/y decline (the sixth in succession) to 371t, as volumes remained under pressure in the record price environment. This contrasts with a 13% y/y increase in value to US$41bn.

Technology demand was fractionally weaker compared with Q3'24. Support from growing AI demand met with headwinds from US tariff policy and the surging gold price.