Global gold demand hit multi-year highs in 2025 and carried that momentum into 2026, driven primarily by record central bank purchases and sustained investment demand from US and international buyers responding to macroeconomic uncertainty. The World Gold Council reported that central banks purchased 1,045 tonnes of gold in 2024, marking the third consecutive year of purchases exceeding 1,000 tonnes, and similar levels continued in 2025.
US investment demand for gold, including ETF inflows, coin sales, and bar purchases, reached elevated levels as inflation concerns persisted. Gold-backed ETFs in North America reported net inflows in each of the first four months of 2026, reversing a period of net outflows during 2022 and 2023 when rising interest rates reduced the relative appeal of non-yielding assets.
Gold's price correlation with traditional risk indicators weakened in 2025 and 2026 as central bank buying elevated the metal's base demand independent of retail investor sentiment. Analysts at the World Gold Council noted that gold set 40 separate record closing prices in 2024 alone, a record for annual high-water marks, and continued to press higher in 2025.
The US gold market is the largest single national market for investment gold products, with the US Mint reporting elevated American Gold Eagle coin sales through Q1 2026. Jewelry demand in the United States has been more price-sensitive at current levels, declining approximately 8 percent by volume compared with 2024 as consumers respond to record spot prices.
Source: World Gold Council -- https://www.gold.org/goldhub/research