Global demand for gold increased by 5% in the third quarter of 2025 due to continued strong investment demand, amid increased purchases of coins and bullion, as well as inflows into exchange—traded funds - ETFs backed by gold, according to the World Gold Council (WGC).
At the same time, demand for jewelry again showed a double-digit drop, which has been going on for the sixth quarter in a row. Technological demand has also shown a decline, while state-owned central banks remain net buyers of gold.
Jewelry demand was falling in all markets, without exception, compared to a year earlier. Despite the fact that the largest consumers, India and China, showed quarterly growth against the background of seasonal demand, the indicator was weak compared to a year earlier.
"Record high gold prices are the main reason for the decline, simply because of this, gold is becoming unavailable," the WGC notes.
The volumes in monetary terms contrast sharply with the physical ones. Thus, 41 billion dollars were spent on jewelry in the third quarter, which is 13% more than in the third quarter of 2024.
Since the beginning of the year, jewelry demand has reached 1,095 tons, which is 18% lower than in the first nine months of 2024, but still significantly higher than the minimum of 2020 (894 tons). The value of all gold jewelry purchased since the beginning of the year is 112 billion dollars, which is a historical maximum and 14% higher than the same period in 2024.
In China, due to high prices for the precious metal, consumer sentiment drove demand to its lowest quarterly level since 2007.
In the first nine months, the figure was 278 tons, which is a quarter lower than the same period last year. The quarterly growth was caused by seasonal factors.
In terms of value, the picture is slightly better. In the third quarter, Chinese consumers spent $9 billion on gold jewelry, which is not much less than the historically record third quarter of 2023 ($10 billion).
"Seasonality factors suggest a further increase in demand in the fourth quarter, but volumes are likely to be much lower than historical averages as gold prices break records," WGC experts said.
India recorded the worst quarter of jewelry sales since 2020. In terms of value, the statistics are more interesting — $ 13 billion, which corresponds to a very high third quarter of 2024, when demand jumped to a nine-year high amid lower import duties.
Since the beginning of the year, Indian consumers have spent a record $29 billion on gold jewelry.
The WGC also notes that this year, Indians have already deposited about 220 tons of gold jewelry in banks to obtain loans.
Demand for jewelry
