Global Gold Demand Hits Record High Amid Geopolitical Tensions
“Combined with the record-breaking run in the gold price—setting 53 new all-time highs during the year—this yielded an unprecedented value of $555 billion (+45% year-on-year),” the council said.
Investment demand for gold surged 84% year-on-year to 2,175 tons, with inflows into exchange-traded funds (ETFs) hitting 801 tons—exceeding jewelry demand for the first time. Gold jewelry demand dropped 18% due to rising prices, with China’s consumption falling 24% to its lowest level since 2009.
Physical gold purchases also increased, as global demand for bullion and coins rose 16% to 1,374 tons. China and India accounted for more than half of the growth in this segment.
Total annual gold supply rose 1% to a record 3,672 tons, with recycling contributing 1,404 tons, a 3% increase. This rise was considered modest given the 67% surge in the US dollar price of gold.
“Technology demand was stable despite disruption in the consumer electronics space, supported by continued growth in AI-related applications,” the council noted.
Looking ahead, the council expects continued strong ETF inflows and solid bar and coin demand in 2026, supported by geopolitical uncertainty and elevated central bank purchases.
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