A large gold bar rests on an open book, surrounded by glowing digital world maps, cityscapes, financial charts, scales of justice, and gold coins, illustrating global finance and law.

World Gold Council Q2/2025 Gold Demand Report – Investment Propels New Highs, Jewellery Volumes at Record Lows On July 30, 2025, the World Gold Council released its “Gold Demand Trends” report for Q2/2025. Total gold demand reached 1,249 tonnes, a 3% gain year-over-year, marking another steady advance for the sector. Yet, as in the previous quarter, the real story lies within the shifting composition of demand. ETFs and Investment Still Out Front Investment remained the engine of growth. Exchange-traded funds (ETFs) added 170 tonnes in Q2/2025, following strong flows in April and June. This sustained boost brought H1/2025 ETF inflows to 397 tonnes, the strongest half-year since 2020. Bar and coin investors kept pace as well. In Q2/2025, bar and coin demand globally reached 307 tonnes, an 11% jump year-over-year and well above the five-year average. Momentum stemmed from persistent market uncertainty from volatile U.S. trade policy, geopolitical tensions, and a rallying gold price. The average gold price soared to $3,280 an ounce in Q2/2025, up 40% year-over-year and 15% from the previous quarter. China led bar and coin demand growth once again, supported by safe-haven buying, limited alternative investments, and positive signals from the People’s Bank of China. In Q2/2025, Chinese bar and coin demand hit 115 tonnes, up 44% year-over-year. In India, demand rose for the eighth straight quarter, up 7%. Central Banks: Still Buying, Just More Slowly Central banks added 166 tonnes See more