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Gold Demand Trends: Q2 2025

Highlights

  • The LBMA (PM) Gold Price hit a new record in June.
    The average quarterly price was a record US$3,280.35/oz, up by 40% y/y and 15% q/q.
  • Total supply increased 3% y/y. 
    Initial estimates for mine production suggest a Q2 record of 909t.
  • Recycling activity remained subdued despite record prices.
    Indian consumers increasingly opted to exchange old jewellery for new, or to pledge it as collateral against loans.
  • OTC investment and stock changes added 170t to demand in Q2.
    Anecdotal reports suggest that institutional investment remained healthy, with continued interest from global High Net Worth investors.

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