Gold sets new records in Q3.
Demand rises to a new high in tandem with the price.
Total gold demand, including OTC, grew 3% y/y to 1,313t, the highest quarterly
total in our data series. Yet this was eclipsed by the value measure of demand,
which jumped 44% y/y to a record of US$146bn in Q3.
Year-to-date demand is 1% higher at 3,717t, equating to US$384bn in value, up
41% y/y.
Investors remained firmly in the driving seat in Q3. Massive ETF buying (+222t),
accompanied by a fourth successive quarter of bar and coin demand above 300t
(316t) fuelled the rise in overall demand.
Central bank buying remained elevated at 220t, 28% up on the prior quarter,
albeit that the y-t-d buying of 634t has been at a slower pace than the 724t bought
in the first three quarters of last year.
Jewellery consumption in Q3 posted a double-digit y/y decline (the sixth in
succession) to 371t, as volumes remained under pressure in the record price
environment. This contrasts with a 13% year-over-year increase in value to US$41 billion.
Technology demand was fractionally weaker compared with Q3’24. Support
from growing AI demand is met with headwinds from the US tariff policy and the
surging gold price.
Executive Summary:
Complete Report.
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