The World Gold Council (referred to as WGC) stated on Thursday that driven by a surge in investment demand, global gold demand in the third quarter of 2025 increased by 3% year-on-year, reaching 1,313 tons, setting a record for the highest quarterly demand in history.

So far this year, the spot gold ☑ price has risen by 50%, hitting a historical high of $4,381 per troy ounce on October 20. Behind this round of price increases are geopolitical tensions, uncertainty in U.S. tariff policies leading to safe-haven demand, and the recent surge in 'fear of missing out' (FOMO) sentiment driving a buying spree.

"The outlook for gold remains optimistic as the U.S. dollar continues to weaken, expectations for interest rate cuts rise, and threats of stagflation could further boost investment demand," said Louise Street, senior market analyst at the World Gold Council. "Our research indicates that the gold market is not yet saturated."

As an industry organization consisting of global mining companies, the World Gold Council pointed out that global demand for gold bars and coins grew by 17% year-on-year in the third quarter, primarily driven by markets in India and China; meanwhile, the inflow of funds into exchange-traded funds (ETFs) tracking physical gold surged by 134%.

These two types of demand have jointly offset the continuous significant decline in demand for gold jewelry manufacturing. As the largest category of physical gold demand, global demand for gold jewelry manufacturing in the third quarter decreased by 23% year-on-year to 419.2 tons, as high gold prices suppressed consumers' willingness to purchase.

The Council estimates based on disclosed gold purchase data and estimates of undisclosed purchases that another major source of gold demand—central banks in various countries—increased their gold purchases by 10% year-on-year in the third quarter, reaching 219.9 tons.

The Council stated that from January to September 2025, global central banks cumulatively purchased 634 tons of gold, "although this is lower than the exceptionally high levels of the past three years, it is still significantly higher than the levels before 2022."

On the supply side, gold recycling in the third quarter increased by 6% year-on-year, and gold mine production increased by 2%, pushing the global gold supply in that quarter to also set a historical high. #加密市场回调