Global demand for gold soared to 5,002 metric tons in 2025, an all-time record, driven by a strong increase in investment purchases. Gold bar and coin demand climbed 16 percent to 1,374 metric tons, equal to $154 billion, as calculated by Metals Focus, a London-based precious metals research consultancy.
A metric ton, also known as a tonne, is equal to 1,000 kilograms, or 2,204 pounds, about 10 percent more than a U.S. ton of 2,000 pounds.
The world’s two largest markets for gold accounted for more than half of bar and coin demand, with purchases jumping 28 percent in China and 17 percent in India.
“Consumer and investors alike bought and held gold in an environment where economic and geopolitical risks have become the new normal,” said Louise Street, World Gold Council senior markets analyst. “Investment demand stole the show as investors raced to access gold through all available routes.”
It was the first year that global gold demand topped 5,000 metric tons.
The year’s average gold price in London was $3,431.50 an ounce, up 44 percent from 2024. As the price surged, gold jewelry became less affordable for consumers, leading to a drop in demand of 18 percent, down to 1,542 metric tons.
Central bank purchases were also impacted by the higher gold price, declining 21 percent to 863 metric tons, a level that is still historically high, but softer than the three preceding years when annual demand topped 1,000 tons.
