The World Gold Council's full-year "Global Gold Demand Trends Report" for 2025 reveals that total global gold demand reached a record high of 5,002 tonnes. An unprecedented performance in the fourth quarter provided a fitting conclusion to an extraordinary year, driven significantly by persistent geopolitical and economic uncertainties which fueled a substantial surge in investment demand, pushing the total value of annual gold demand to $555 billion. Global gold investment demand climbed to a milestone 2,175 tonnes, emerging as the primary driver behind the historic annual total. Investors worldwide, seeking safe-haven assets and portfolio diversification, flocked to gold ETFs, resulting in a net annual increase of 801 tonnes. Concurrently, physical gold investment remained robust, with global bar and coin demand reaching 1,374 tonnes, valued at $154 billion. Markets in China and India were particularly notable, posting year-on-year growth of 28% and 17% respectively, collectively accounting for over 50% of the sector's demand. Central bank gold buying remained elevated in 2025, with official institutions adding 863 tonnes to global reserves. Although this fell short of the average exceeding 1,000 tonnes seen over the previous three consecutive years, central bank purchasing remained a crucial pillar of support for overall demand. Against a backdrop of record-breaking gold prices, global jewellery demand softened in 2025, declining 18% compared to 2024, a trend that aligned with market expectations. However, the total value of global jewellery consumption still grew 18% year-on-year to $172 billion, underscoring gold jewellery's enduring appeal to consumers. Global total gold supply also reached a new peak: mine production increased to 3,672 tonnes, while recycled gold supply saw a modest 3% increase, a somewhat tempered rise given the surging price environment. Louise Street, Senior Market Analyst at the World Gold Council, stated that 2025 witnessed a surge in global gold demand alongside a dramatic spike in prices. Persistent economic and geopolitical risks have become the "new normal," prompting both consumers and investors to buy and hold gold. Gold investment demand was the standout story of the year, with investors eagerly allocating to gold through every available channel, while other sectors also provided underlying support for overall demand. Despite the US dollar gold price surging 67% year-on-year, jewellery demand fell by only 18%, indicating consumers' continued willingness to purchase gold jewellery even at elevated price levels; simultaneously, central banks globally remained firmly committed to boosting their gold reserves. Looking ahead to 2026, she noted that there are few signs of abating economic and geopolitical uncertainty, suggesting the strong momentum in gold demand seen in 2025 is likely to continue. The year began with the gold price breaching the $5,000 per ounce mark for the first time in January, further highlighting gold's critical role as a safe-haven asset during periods of instability. Key data from the Q4 and Full-Year 2025 "Global Gold Demand Trends Report" highlights that in Q4 2025, the LBMA Gold Price PM averaged a record $4,135/oz, a 55% year-on-year increase; the full-year average price was $3,431/oz, up 44% year-on-year, also a record. Total global gold demand (including OTC) in Q4 2025 was 1,303 tonnes, a slight 1% increase year-on-year; annual total demand (including OTC) reached the historic high of 5,002 tonnes. In value terms, total annual demand amounted to $555 billion. Global total investment demand in Q4 2025 was 595 tonnes, comprising bar and coin demand of 420 tonnes and gold ETF inflows of 175 tonnes; full-year global investment demand surged 84% to 2,175 tonnes, with bar and coin demand at 1,374 tonnes (up 16%) and gold ETFs seeing net inflows of 801 tonnes for the year. Central banks were net buyers of 230 tonnes in Q4 2025, a 6% increase quarter-on-quarter; for the full year, central bank buying remained high at 863 tonnes. Global jewellery consumption in Q4 2025 fell 19% year-on-year to 441 tonnes; for the full year, consumption declined 18% from 2024 to 1,542 tonnes, yet the total value rose 18% year-on-year to a record $172 billion. Gold demand for technology in Q4 2025 was 82 tonnes. Full-year technological demand totaled 323 tonnes, down 1% year-on-year. Total global gold supply in Q4 2025 was 1,303 tonnes, up 1% year-on-year; comprising mine production of 958 tonnes (up 1%) and recycled gold supply of 366 tonnes (up 2%). Total annual supply increased 1% to 5,002 tonnes, also a record high. This consisted of mine production of 3,672 tonnes (a slight 1% increase) and recycled gold supply of 1,404 tonnes (a modest 3% increase).