WGC: Gold Investment Soars in 2025, Reaching Record Levels Amid Rising Uncertainty
According to the World Gold Council’s Full-Year 2025 Gold Demand Trends report, global gold demand climbed to an all-time high of 5,002 tonnes in 2025. A record-breaking fourth quarter capped off an exceptional year, driven by persistent geopolitical and economic uncertainty that fuelled strong investor interest, taking the total annual value of gold demand to US $555 billion.
Investment demand emerged as the key force behind gold’s historic performance, rising to an unprecedented 2,175 tonnes. Investors worldwide turned to gold for safety and portfolio diversification, with gold ETFs attracting net inflows of 801 tonnes over the year. Demand for physical gold also remained robust, as global bar and coin purchases reached 1,374 tonnes, valued at US $154 billion. China and India led this growth, posting year-on-year increases of 28% and 17% respectively, together accounting for more than half of total bar and coin demand.
Central banks continued to play a significant role in supporting demand, collectively adding 863 tonnes of gold in 2025. Although this figure was below the 1,000-tonne levels seen in the previous three years, official-sector buying remained a major contributor to overall demand.
In contrast, global jewellery demand softened during the year, falling 18% compared with 2024 amid sustained price highs. However, the value of jewellery demand rose 18% year-on-year to US $172 billion, underlining gold’s enduring appeal for consumers despite elevated prices.
On the supply side, total gold supply also reached a new peak. Mine production increased to 3,672 tonnes, while recycling volumes rose marginally by 3%, remaining relatively muted despite higher prices.
Commenting on the trends, Louise Street, Senior Markets Analyst at the World Gold Council, said that 2025 was marked by exceptional gold demand and sharply rising prices. She noted that both consumers and investors accumulated and held gold in response to ongoing economic and geopolitical risks. Investment demand dominated the year, though other sectors provided meaningful support.
Street added that jewellery demand declined by only 18% despite a 67% rise in prices, reflecting consumers’ continued willingness to buy gold at higher levels, while central banks stayed committed to strengthening their reserves. Looking ahead, she suggested that with global uncertainty expected to persist into 2026, the strong momentum in gold demand is likely to continue. Gold has already crossed the US $5,000 per ounce mark for the first time in early 2026, reinforcing its status as a trusted safe-haven asset.