World Gold Council – US Gold Demand Trends, Q2 2025

The main theme of the report is the analysis of gold demand trends in the US for the second quarter of 2025.

Key findings include a 34% decrease in overall gold demand compared to the previous quarter, but a 110% year-on-year increase, primarily driven by high ETF demand. Consumer demand for jewelry, bars, and coins decreased by 24% year-on-year. Jewelry demand continues to decline for the third consecutive year, although their value increased due to rising prices. Demand for bars and coins fell to the lowest level since Q4 2019. Investment demand in monetary terms decreased by 35% year-on-year. Technology demand related to AI provided some support, but declines were observed in the US and Japan. ETF demand helped stabilize overall investments: US ETFs added 70 tons in Q2 and 203 tons in the first half of the year.