WGC – Gold Demand Trends: US Focus Q4 and Full Year 2025

The report analyzes gold demand trends in the United States for the fourth quarter and full year of 2025.

Total US gold demand surged 140% year-over-year to 679 tonnes in 2025, reaching the highest level since 2020. The growth was driven almost entirely by investment demand, particularly US-listed physically backed gold ETFs, which attracted 437 tonnes of demand and pushed total ETF holdings to a record 2,019 tonnes (US$280 billion in assets under management). Bar and coin investment weakened, while jewellery demand cooled due to higher gold prices limiting heavier piece purchases, though premium high-carat jewellery remained strong among higher-income consumers. Technology demand eased slightly, reflecting global trends and supply chain realignments. The LBMA (PM) gold price set 53 new all-time highs in 2025, with a record average Q4 price of US$4,135/oz (+55% y/y) and an annual average of US$3,431/oz (+44% y/y). The report notes a structural shift in US gold demand towards investment amid economic uncertainty and strong price performance.