1、gold.org Gold Demand Trends|Q2 2025 01 Investment drives gold demand in Q2 Demand value rockets to a record US$132bn Total Q2 gold demand(inclusive of OTC investment)increased by 3%y/y to 1,249t.In value terms,total gold demand jumped 45%y/y to US$132bn.A second consecutive quarter of hefty demand f

2、or 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.Bar and coin investors also joined the fray,attracted by the rising price and golds safe-haven attributes.Two consecutive quar

3、ters generated the strongest first half for bar and coin investment since 2013.Central banks remained a key pillar of global demand,adding 166t to global official gold reserves.Although the pace of buying moderated,the outlook for central bank demand remains healthy.Jewellery demand volumes and valu

4、e continued to diverge:y/y declines in tonnage were widespread,while spending on gold jewellery saw universal gains.Volumes were very muted,almost retreating back to 2020 pandemic levels.Gold used in technology came under pressure from the potential impact of US tariffs,although growing demand for A

5、I-related applications remains an area of strength.Gold Demand Trends Q2 2025 Chart 1:H1 gold demand volume firms,while value rockets Total H1 demand by sector in tonnes,and value(US$bn)*Data to 30 June 2025.Source:Metals Focus,Refinitiv GFMS,World Gold Council-100-50050100150200250-1,500-1,000-5000

6、5001,0001,5002,0002,5003,0003,500H110 H111 H112 H113 H114 H115 H116 H117 H118 H119 H120 H121 H122 H123 H124 H125US$bnTonnesJewellery fabricationTechnologyTotal bar and coinETFs and similarCentral bank and other inst.OTC and otherTotal Demand(value,rhs)Highlights The LBMA(PM)Gold Price hit a new reco