The World Gold Council reported that global gold demand, including over-the-counter trading, rose 3% year-on-year to 1,248.8 metric tons in Q2 2025.
Investment demand surged 78% as exchange-traded funds recorded their largest semi-annual inflows since 2020, helping to offset a 14% decline in jewellery consumption.
Higher prices discouraged buyers in China and India, driving global jewellery demand to its lowest level since late 2020.
Central bank purchases fell 21% during the quarter but remained notable, totaling roughly 166.5 tons.