The World Gold Council (WGC) has published its recent Gold Demand Trends report for the second quarter of 2025, estimating the gold demand was up 45% in value terms to reach a record $132 billion.
Total Q2 gold demand, inclusive of over-the-counter (OTC) investment, was up 3% year on year to 1,249 tonnes.
At the same time, the average quarterly gold price at the London Bullion Market Association (LBMA) hit a record $3,280.35 per ounce, up by 40% year on year and 15% quarter on quarter.
“A second consecutive quarter of hefty demand for global gold-backed ETFs was instrumental in boosting overall Q2 demand. Uncertain global trade policy, geopolitical turbulence and the rising gold price all fuelled inflows,” WGC said.
“Bar and coin investors also joined the fray, attracted by the rising price and gold’s safe-haven attributes. Two consecutive quarters generated the strongest first half for bar and coin investment since 2013.”
Jewellery demand took a hit in volume terms but saw universal gains in value. Volumes were very muted, almost retreating back to 2020 pandemic levels.
In the reporting quarter, total gold supply increased 3% year on year, and, according to WGC’s preliminary estimates, it reached a quarterly record of 909 tonnes.
Theodor Lisovoy, Managing Editor, Rough&Polished
