1、gold.org Gold Demand Trends|Q1 2025 01 Gold demand firms to Q1 record Surging ETF inflows were pivotal to golds price rise Total Q1 gold demand(inclusive of OTC investment)was 1%higher y/y at 1,206t the highest for a first quarter since 2016.Central banks bought 244t of gold in Q1,a slowdown from th

2、e previous quarter but comfortably within the quarterly range of the last three years.A sharp revival in gold ETF inflows fuelled a more-than-doubling of total investment demand to 552t(+170%y/y);its highest since Q122.Bar and coin demand remained elevated at 325t 15%above the five-year quarterly av

3、erage.China drove much of this increase,posting its second-highest quarter of retail investment.Technology demand of 80t was unchanged y/y.Ongoing AI adoption drove continued growth in the electronics sector,but uncertainty over tariffs makes for a challenging environment for the remainder of the ye

4、ar.Gold jewellery demand fell sharply in the record price environment:volumes reached their lowest since demand was halted by COVID in 2020.In value terms,consumer spending on gold jewellery grew 9%y/y to US$35bn.Gold Demand Trends Q1 2025 Chart 1:Gold demand is buoyed by strong Q1 ETF inflows Quart

5、erly gold demand by sector,tonnes,and value,US$bn*Data to 31 March 2025.Source:ICE Benchmark Administration,Metals Focus,World Gold Council 020406080100120-400-20002004006008001,0001,2001,4001,600Q115Q116Q117Q118Q119Q120Q121Q122Q123Q124Q125US$bnTonnesJewellery FabricationTechnologyTotal bar and coin

6、ETFs and similar productsCentral bank net purchasesOTC investmentTotal demand(RHS)Highlights The LBMA(PM)gold price has continued to set multiple new record highs during 2025.The quarterly average price reached US$2,860/oz in Q1,up 38%y/y.Key factors fuelled golds price rise:the spectre of US tariff