World Gold Council: Global gold demand has surpassed quarterly records for the first time, with demand increasing by approximately 44% year-on-year.

According to a report released by the World Gold Council on November 2, titled “Gold Demand Trends Q3 2025,” global gold demand has surpassed quarterly records for the first time.

The total demand is 1,313 tons, a year-on-year increase of approximately 3%.

In terms of value, gold demand reached approximately $146 billion, an increase of about 44% year-on-year.

Investment demand is the main driving force, with ETF buying intensity increasing significantly, while demand for physical gold bars and coins has remained above 300 tons for the fourth consecutive quarter.

Central banks around the world also continued to net buy gold, with official net purchases reaching 220 tons in the third quarter, a quarter-on-quarter increase of about 28%.

Jewelry consumption decreased, with 371 tons in the third quarter, a year-on-year decline of about 19%, but its value still increased by about 13%.

The report shows that as gold prices continue to hit new highs (the quarterly average price is about $3,456 per ounce, a year-on-year increase of about 40%), market demand for gold as a safe haven and investment has further strengthened.