GOLD
Gold Investment rockets in 2025, setting a new high as uncertainty bites The World Gold Council’s Full-Year 2025 Gold Demand Trends report reveals that total gold demand hit a new all- time high of 5 002 t last year. A record fourth quarter set the seal on a stellar year as continued geopolitical and economic uncertainty propelled hefty investment in gold with an annual value of US $555 bn.
Total gold demand hit a new all-time high of 5 002 t last year.
Louise Street, Senior Markets Analyst from the World Gold Council.
Total supply also reached a new record, as mine production rose to 3 672 t and recycling increased by a modest 3%, remaining subdued despite high prices. Louise Street, Senior Markets Analyst from the World Gold Council, commented: “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 towards $5 000 /oz, suggesting that investors will continue to turn to gold as a long-term store of value and source of diversification.” n
Global jewellery demand softened throughout the year, declining 18% compared to 2024.
G lobal investment demand reached a landmark level of 2 175 t and was the main driver behind gold’s remarkable and record-breaking year. Across the world, investors seeking safe haven and diversification, piled into gold ETFs, adding 801 t throughout the year. Investors also bought bullion with global bar and coin demand reaching 1 374 t or US $154 bn in value terms. The two major markets China (+28% y/y) and India (+17% y/y) recorded significant gains, making up more than 50% of demand in the category. Central bank demand remained
elevated in 2025, with the official sector adding 863 t of gold. While annual demand was below the 1 000 t mark surpassed in the previous three years, central bank buying remained a prominent and additive factor in the global gold demand picture. Amidst a spate of price highs, global jewellery demand softened as expected throughout the year, declining 18% compared to 2024. However, the total value of gold jewellery demand increased 18% year-on-year to $172 bn, highlighting the relevance of gold for consumers in the long term.
March 2026 | www.modernminingmagazine.co.za MODERN MINING 13
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