In Q1 2025, gold demand reached its highest first-quarter level since 2016, totaling 1,206 tonnes—a 1% year-over-year increase.
This growth was primarily driven by gold ETF inflows, which contributed to a remarkable 170% surge in total investment demand to 552 tonnes, the highest since Q1 2022.
Central banks maintained their gold buying trend with 244 tonnes purchased, while retail investors, especially in China, kept bar and coin demand elevated at 325 tonnes (15% above the five-year average).
Technology sector demand remained unchanged at 80 tonnes, benefiting from AI industry growth but facing potential challenges from tariff uncertainties.
The record-high gold prices caused jewelry demand to fall to its lowest level since the 2020 COVID shutdowns, though consumer spending in value terms actually increased by 9% to US$35 billion.