World Gold Council – Gold Demand Trends, Q3 2025

The main theme of the report is the analysis of gold demand in the third quarter of 2025.

Key findings include a 3% year-on-year increase in total gold demand, including over-the-counter (OTC) operations, reaching 1,313 tonnes, the highest quarterly figure in the data series. The value measure of demand rose by 44% year-on-year to a record $146 billion in Q3. Investors continued to actively purchase gold, resulting in significant increases in ETF purchases and demand for bars and coins. Central bank purchases remained high, rising 28% compared to the previous quarter. Jewelry consumption declined by double-digit percentages year-on-year, despite a 13% increase in value. Demand for gold in the technology sector was slightly weaker compared to Q3 2024.