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Annual gold demand by category — jewellery, investment, central banks, and technology. Data covers 2015–2025 based on World Gold Council Gold Demand Trends reports.
ETF flows shown separately (not stacked) as they can be negative. Source: World Gold Council Gold Demand Trends.
Jewellery fabrication demand. Record-high gold prices throughout 2025 ($3,000–$4,135/oz) significantly suppressed volume purchases, particularly in price-sensitive markets like India and China. Value of jewellery demand hit new records even as tonnage fell.
Physical investment in gold bars and coins. Retail demand remained resilient as rising prices attracted buyers seeking store of value. India and China led with strong buying throughout the year.
Official sector net purchases moderated from the 2022–2024 record buying wave. At 850t, central banks remained significant buyers — well above the pre-2022 average of ~500t/year — but the pace eased as prices rose sharply.
Industrial demand held steady. AI chip packaging and semiconductor applications supported technology demand even as consumer electronics demand remained subdued. Gold's irreplaceable role in high-reliability electronics underpins structural demand.
Gold ETFs saw the largest inflows since 2020 as gold prices surged to record highs above $3,000/oz. Western investors returned to gold ETFs after three years of outflows (2022–2024), driven by safe-haven demand and portfolio diversification.
Total investment demand (bar, coin, ETF, and institutional) reached 2,204 tonnes in 2025 — the highest since 2020 and up 83% from 2024. Gold prices surged from ~$2,600/oz in early 2025 to above $4,100/oz by Q4. Western investors returned to gold ETFs in force after three years of outflows, adding over 700 tonnes to ETF holdings across the year.
Source: World Gold Council GoldHub quarterly data; Bloomberg
Jewellery fabrication fell 19% to 1,648 tonnes — the lowest since 2020. In value terms, jewellery demand set new records as consumers paid more per gram. India and China, which together represent over 60% of global jewellery consumption, saw the sharpest volume declines as retail buyers delayed purchases or switched to lighter pieces.
Source: World Gold Council GoldHub quarterly data Q1–Q4 2025
Central banks purchased 850 tonnes in 2025 — down from 1,045 tonnes in 2024 but still 70% above the pre-2022 long-run average. High gold prices appear to have slowed the pace of accumulation, but the structural shift toward gold reserves driven by de-dollarisation and sanctions risk concerns remains firmly in place.
Source: World Gold Council GoldHub; IMF IFS
Technology demand held at 323 tonnes despite elevated prices. AI chip packaging — which requires gold bonding wire and contact pads for reliability — offset declines in consumer electronics. As AI data centre infrastructure accelerates globally, technology demand is expected to grow structurally in coming years.
Source: Metals Focus; World Gold Council GoldHub 2025
Full country-by-country reserve data — 60+ central banks, sortable table, 10-year chart.
Data source: World Gold Council — Gold Demand Trends 2025 (Full Year). Last reviewed: 2026-05-28 — human-verified against WGC source data.Editorial policy → Investment includes bar & coin demand plus net ETF flows. Totals include OTC and other institutional flows. All figures approximate — refer to the WGC Gold Demand Statistics for the most current data.
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