Total gold demand exceeded 5,000t for the first time in 2025, with the precious metal setting a staggering 53 new all time highs during the year. Investment demand breaks new groundGold investment appetite smashed the previous annual record of 1,744t, which it had held since 2011, reaching a landmark 2,175t. This pushed the value of total annual gold investment to $240bn, as investors piled into ETFS, bars and coins. This generated the highest annual total since 2015 reaching $154bn, with more than half of the total demand coming from India and China, with the depreciating rupee. “With economic and geopolitical instability showing little sign of retreat in 2026, momentum from last year’s strong gold demand is likely to persist.”