Global Gold Demand Trends: Record Highs and What They Signal for 2026
Global gold demand surpassed 5,000 tonnes and reached US$555bn in 2025. We break down jewellery, investment, technology demand, and supply dynamics shaping 2026.
Global gold demand crossed a historic threshold in 2025, exceeding 5,000 tonnes for the first time and reaching a record US$555bn in total value.
The surge reflects strong investment inflows, resilient jewellery consumption, and continued central bank accumulation — trends that could redefine market dynamics heading into 2026.
Key Findings#
- Total demand: Surpassed 5,000 tonnes in 2025
- Market value: Hit a record US$555bn
- Investment demand: Rebounded sharply amid macro uncertainty
- Central banks: Continued multi-year buying streak
- Supply growth: Modest increase from mine output and recycling
2025 marked the most valuable year ever recorded for global gold demand.
Record Demand in 2025#
Gold demand has steadily expanded over the past several years, but 2025 represented a structural leap.
What Drove the Surge?#
The move beyond 5,000 tonnes was supported by:
- Persistent geopolitical uncertainty
- Inflation hedging behavior
- Strong central bank accumulation
- Rebound in ETF inflows
The value spike to US$555bn was amplified by elevated gold prices, magnifying the dollar impact of stable physical volumes.
Demand Breakdown: Jewellery vs Investment vs Technology#
Gold demand is not monolithic. Each segment responded differently to global conditions in 2025.
Jewellery: Resilient but Price Sensitive#
Jewellery remained the largest segment at roughly 2,200 tonnes, supported by:
- Strong demand in Asia
- Cultural buying patterns
- Wedding and festival seasons
However, high prices moderated volume growth in some regions.
Investment: ETFs and Bars Rebound#
Investment demand reached approximately 1,350 tonnes, driven by:
- Renewed ETF inflows
- Physical bar and coin purchases
- Portfolio diversification strategies
Investor behavior increasingly reflected hedging against macro and currency volatility.
Technology: Stable Industrial Base#
Technology demand held steady at roughly 320 tonnes, reflecting:
- Electronics manufacturing
- Semiconductor usage
- AI hardware expansion
Though smaller in share, this segment provides structural baseline demand.
Supply Side: Mine Production and Recycling#
Supply growth remained measured relative to demand expansion.
Mine Production#
Global mine output saw modest growth, estimated at just over 3,600 tonnes, reflecting:
- Incremental capacity expansions
- Limited new major discoveries
- Rising extraction costs
Recycling Supply#
Recycled gold contributed approximately 1,300 tonnes, supported by:
- High prices incentivizing resale
- Consumer liquidation of holdings
- Scrap recovery in developed markets
Combined supply narrowly matched record demand, limiting downward price pressure.
Central Banks: A Structural Shift#
Central banks continued large-scale purchases in 2025, extending a multi-year trend.
Key drivers include:
- Reserve diversification away from major currencies
- Geopolitical risk management
- Long-term inflation hedging
Official sector demand has become a structural pillar of the gold market, not a cyclical anomaly.
This shift could provide price support into 2026 even if retail investment moderates.
What Shapes Gold Demand in 2026?#
Several forces will determine whether demand remains above 5,000 tonnes:
1. Investor Sentiment#
- ETF flows tied to interest rate expectations
- Real yield movements
- Risk-off positioning
2. Central Bank Activity#
- Emerging market reserve strategies
- Currency volatility
- Sovereign risk diversification
3. Consumer Behaviour#
- Price elasticity in jewellery markets
- Income growth in Asia
- Seasonal buying cycles
4. Supply Constraints#
- Mining cost inflation
- Regulatory hurdles
- Recycling sensitivity to price swings
2025 Snapshot: Key Metrics#
| Metric | 2025 Estimate |
|---|---|
| Total Demand | 5,025 tonnes |
| Total Market Value | US$555bn |
| Jewellery Demand | 2,200 tonnes |
| Investment Demand | 1,350 tonnes |
| Technology Demand | 320 tonnes |
| Central Bank Purchases | 1,155 tonnes |
| Mine Production | 3,600+ tonnes |
| Recycling Supply | 1,300 tonnes |
Outlook: Stability or Another Record?#
Gold enters 2026 with structural support from central banks and diversified investor participation.
If macro uncertainty persists and central bank buying remains elevated, total demand could remain near or above 5,000 tonnes. However, sustained high prices may temper jewellery growth and recycling could rise further, balancing the market.
The 2025 milestone signals not just a cyclical peak, but a potential regime shift in how gold functions within global portfolios.