Central banks worldwide purchased a record 1,206 metric tons of gold in 2025, surpassing the previous annual record of 1,082 metric tons set in 2022, according to the World Gold Council's annual Gold Demand Trends report. The sustained multi-year buying program by global monetary institutions has become a defining structural feature of the gold market.

Total global gold demand across all sectors reached 4,974 metric tons in 2025, a 4.3% increase from 2024's 4,769 metric tons. Jewelry demand remained the largest single category at 2,089 metric tons, with India and China together accounting for 58% of jewelry consumption. US jewelry demand was 141 metric tons.

Investment demand, encompassing ETF holdings and physical bar and coin purchases, rose to 1,239 metric tons in 2025, a 38% increase from 2024. Gold ETF holdings globally increased by 387 metric tons, reversing two years of net outflows. North American investors drove the ETF recovery, adding 203 metric tons to US-listed gold ETFs.

Technology applications consumed 324 metric tons, with electronics and semiconductor manufacturing representing the majority of industrial use. The World Gold Council projects that AI chip packaging and advanced semiconductor applications will increase gold's technology demand by 4% to 6% annually through 2028.

Mine production reached 3,661 metric tons globally, a 1.2% increase from 2024, with production growth concentrated in Canada, Australia, and West Africa.

Source: World Gold Council -- https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025