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Central Banks Slow but Still Buy Heavily as Gold Demand Rises 3 %

The Quiet Bank Run in Gold
The Quiet Bank Run in Gold

In its Q2 2025 Gold Demand Trends report, the World Gold Council (WGC) says total gold demand, including over‑the‑counter trades, rose 3 % year‑on‑year to 1,249 tonnes amid geopolitical uncertainty.

Gold ETF inflows of 170 t in Q2 and 397 t in the first half were the strongest since 2020, while bar and coin demand grew 11 % to 307 t, led by a 44 % surge in Chinese investment and solid Indian buying.

Central banks added 166 t of gold—slower than previous quarters but still high, and jewellery demand fell 14 % due to high prices.

WGC analyst Louise Street notes that gold had already gained 26 % in H1 2025 and could trade in a narrow range unless macro‑economic conditions deteriorate.

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