Global gold demand hits record 5,002 tons, Thai investment highest in 12 years
Global gold demand in 2025 hits 5,002 tons, with Thai gold investment reaching a 12-year high of $6bn. Geopolitical unrest fuels strong gold interest.
The World Gold Council (WGC) reported that global gold demand in 2025 reached a record 5,002 tons, surpassing all previous records. This increase was driven by a growing demand for gold as a safe-haven asset amidst rising geopolitical and economic uncertainties. At the same time, Thailand saw its gold investment reach a 12-year high, totaling $6 billion—a 29% increase in demand for gold bars and coins.
The main drivers for gold’s performance were geopolitical tensions, such as the ongoing US-Iran conflict, and the increasing interest from both central banks and retail investors looking to protect their assets. Globally, gold demand for investment hit a new record of 2,175 tons, largely driven by exchange-traded funds (ETFs), which rose by 801 tons in total over the year.
Thailand’s rising investment in gold
Thailand experienced its highest level of investment in gold since 2011, with significant growth in retail interest. This trend is partly due to a shift towards online gold trading, which has made it easier for consumers to access the market. This change has led to an increase in demand for gold bars and coins, while traditional retail gold products saw some reductions in consumer demand.
Shaokai Fan, head of the WGC’s Asia Pacific region (excluding China) and global head of central bank operations, highlighted that gold prices remained strong at the start of 2026, breaking new records across major currencies, including the Thai baht, surpassing $5,000 per ounce. He said that Thailand continues to see strong support from investors, reflecting the role of gold as a hedge against risks and a long-term store of value.
Global central bank purchases and challenges for the jewellery market
Central banks continued to buy gold at high levels in 2025, with net purchases totaling 863 tons. Although annual demand fell below the 1,000-ton threshold for the first time in three years, central banks’ purchases remained a key contributor to overall gold demand.
The jewellery market worldwide saw a decline in demand, falling 18% compared to 2024. In Thailand, demand for gold jewellery also decreased by 14% year-on-year. However, the total value of gold jewellery globally increased by 18% year-on-year, reflecting its importance for consumers as a long-term store of value.
Record gold supply
Gold supply reached a new all-time high, driven by an increase in mining output, which rose to 3,672 tons, while gold recycling increased slightly by 3%, still relatively low compared to the higher gold prices.
