Mumbai: The World Gold Council’s (WGC) Q3 2025 Gold Demand Trends report reveals that quarterly gold demand (including OTC) reached 1,313t, or US $146bn in value terms and was the highest quarter for demand on record.
Growth was driven primarily by investment demand which accelerated in Q3 reaching 537t (+47% y/y) and accounted for 55% of overall net gold demand. This momentum was driven by a powerful combination of an uncertain and volatile geopolitical environment, US dollar weakness and investor “FOMO” as the price climbed higher.
Investors continued to pile into physically backed gold ETFs for a third consecutive quarter, adding a further 222t with global inflows reaching US$26bn. Year-to-date, gold ETFs have added a total of 619t (US$64bn) to their holdings with North American listed funds leading the charge (346t), followed by European (148t) and Asian funds (118t).
Bar and coin investment rose 17% y/y, totalling 316t, with growth in almost all markets but with significant contributions from India (92t), China, (74t).
On the other hand, gold jewellery demand was weighed down by 50 record gold prices this year, seeing a 19% y/y decline in consumption for Q3. While the two largest consumer markets – India and China – both saw a quarter-on-quarter uplift, largely due to seasonal factors, the y/y picture across both markets remained weak.
Central banks picked up the pace in Q3 with net purchases totalling 220t in the third quarter, up 28% on Q2 and 10% y/y, despite the record-high gold price. On a year-to-date basis, net buying totalled 634t, trailing behind the exceptional highs of the last three years, but comfortably above pre-2022 levels.
Total gold supply reached a quarterly record of 1,313t, up 3% y/y. Mine production increased by 2% y/y to 977t while recycling was up 6% y/y at 344t, staying relatively stable given the soaring gold price.
Louise Street, Senior Markets Analyst at the World Gold Council, commented, “Gold’s climb towards US$4,000/oz in the third quarter underscores the strength and persistence of the factors that have been driving demand throughout the year. Heightened geopolitical tensions, stubborn inflationary pressures and uncertainty around global trade policy have all fuelled appetite for safe-haven assets as investors look to build resilience in their portfolios.
“The outlook for gold remains optimistic, as continued US dollar weakness, lower interest rate expectations, and the threat of stagflation could further propel investment demand. Gold has set record after record this year, and the current environment suggests there could be more upside gains for gold. Our research indicates the market is not yet saturated, and the strategic case to hold gold remains firmly in place.”
India Gold Demand Statistics for Q3 2025 (July – September)
· Demand for gold in India for Q3 2025 was at 209.4 tonnes, down by 16% as compared to overall Q3 demand for 2024 (248.3 tonnes)
o India’s Q3 2025 gold demand value was Rs. 2,03,240 crores, up by 23% as compared to Q3 2024 (Rs.1,65,380 crores)
· Total Jewellery demand in India for Q3 2025 decreased by 31% to 117.7 tonnes as compared to Q3 2024 (171.6 tonnes)
o The value of jewellery demand remained rather unchanged at Rs. 1,14,270 crores, compared to Rs. 1,14,300 crores recorded in Q3 2024
· Total Investment demand for Q3 2025 was at 91.6 tonnes, increased by 20% in comparison to Q3 2024 (76.7 tonnes)
o In value terms, gold Investment demand in Q3 2025 was Rs. 88,970 crores, up by 74% from Q3 2024 (Rs. 51,080 crores)
· Total gold recycled in India in Q3 2025 was 21.8 tonnes, down by 7% compared to 23.4 tonnes in Q3 2024
· Total gold imports in India in Q3 2025 was 194.6 tonnes, down by 37% compared to 308.2 tonnes in Q3 2024
· US$/oz average quarterly price in Q3 2025 was US$ 3,456.5 in comparison to US$ 2,474.3 in Q3 2024
· INR/10g average quarterly price in Q3 2025 was INR 97,074.9 in comparison to INR 66,614.1 in Q3 2024 (without import duty and GST)
India gold demand figures for the period July – September 2025 vs. the corresponding period in 2024:
| Gold Demand | Q3’2024Jul – Sept 2024 | Q3’2025Jul – Sept 2025 | % Growth | ||||||
| Tonnes | INR (crore) | USD (bn) | Tonnes | INR (crore) | USD (bn) | Volume Tonnes | Value (INR) | Value (USD) | |
| Jewellery | 171.6 | 114,300 | 13.6 | 117.7 | 114,270 | 13.1 | -31% | 0% | -4% |
| Investment | 76.7 | 51,080 | 6.1 | 91.6 | 88,970 | 10.2 | 20% | 74% | 67% |
| Total | 248.3 | 1,65,380 | 19.7 | 209.4 | 2,03,240 | 23.3 | -16% | 23% | 18% |
Mr. Sachin Jain, Regional CEO, India, World Gold Council said, “India’s gold market in Q3 2025 showcased its inherent resilience and the significant impact of evolving price dynamics. While total gold value surged impressively by 23% to Rs. 2,03,240 crores, gold demand volumes saw a 16% decline to 209.4 tonnes. This robust growth in value, driven by high average prices, strongly reaffirms gold’s enduring appeal as a safe-haven asset. Investment demand, showed remarkable strength, increasing 20% in volume to 91.6 tonnes and a significant 74% in value to Rs. 88,970 crores. This highlights a deepening strategic commitment among Indian consumers to gold as a long-term store of value. While jewellery demand saw a 31% volume decrease to 117.7 tonnes, its value remained largely stable at Rs. 1,14,270 crores. This indicates that despite higher prices, gold’s intrinsic cultural significance continues to drive purchases, with consumers adapting to the new price levels.
On the supply side, gold imports were 194.6 tonnes, down 37%, while recycling saw a modest 7% decline to 21.8 tonnes, suggesting consumers are holding onto their prized asset.
Looking ahead, the current festive and wedding seasons are pivotal for the yellow metal. Gold’s unique cultural significance means festivals traditionally drive strong buying interest. Despite prevailing high prices, consumer sentiment remains positive, and retailers are well-prepared. We anticipate robust demand across all categories, from traditional jewellery to investment products, as the market gears up for a vibrant festive and wedding season. With total gold demand from January to September at approximately 462.4 tonnes, we anticipate full-year demand between 600 and 700 tonnes, more towards higher end of range.”
