U.S. gold demand more than doubled to 679 tonnes in 2025, driven almost entirely by strong investment flows into physically backed exchange-traded funds, according to World Gold Council data. U.S.-listed ETFs added 437 tonnes of demand, pushing total holdings to a record 2,019 tonnes worth about $280 billion in assets under management.

Central banks remain a major force in the market. Net purchases reached an estimated 244 tonnes in the first quarter of 2026, and the Council's annual reserve managers survey found that 89 percent expect global central bank gold holdings to keep rising over the next 12 months. A record 45 percent said they expect to increase their own institutions' holdings.

The buying reflects a longer structural shift. Central banks have accumulated an average of 1,000 tonnes of gold per year over the past four years, double the roughly 500 tonnes averaged over the preceding decade. Gold recently overtook U.S. government bonds as the top reserve asset held by central banks, a notable change in how official institutions manage their portfolios.

Analysts tie the sustained demand to elevated geopolitical uncertainty and a desire to diversify reserves away from a single currency. With both retail investors and central banks buying, the metal has held near record levels through the first half of 2026.

Source: World Gold Council -- https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026