LONDON: Global demand for gold surged to a record level in the third quarter of 2025 as investors sought safe-haven assets amid geopolitical tensions and economic uncertainty, according to data released Thursday by the World Gold Council (WGC).
Total demand rose 3% year-on-year to 1,313 tonnes between July and September — the highest quarterly volume since WGC records began nearly 25 years ago. Analysts attributed the rise to the ongoing Russia-Ukraine war, the Israel-Gaza conflict, and heightened global trade frictions, which collectively spurred demand for gold as a secure store of value.
“Various regional conflicts and the increasing rhetoric around trade disputes have created an atmosphere of heightened uncertainty,” said Louise Street, a WGC analyst. “That combination has boosted investor appetite for gold.”
Read More: Global gold demand hits record high
The surge in buying, particularly from central banks, coincided with gold’s price touching a record high of $4,381.52 per ounce in October before retreating to around $4,000 on profit-taking. In value terms, demand soared 44% year-on-year to an unprecedented $146 billion during the quarter.
While Exchange-Traded Funds (ETFs) saw robust inflows, helping sustain gold’s rally, jewellery demand fell sharply by 23% to 419.2 tonnes, marking its lowest third-quarter level since 2020. Street described the recent price correction as “a healthy adjustment that helps cool short-term speculative positions.”